Do's and Don'ts for Working with Caregivers and Fiduciaries

The Consumer Financial Protection Bureau has released four guides for those charged with handling money on another's behalf. The guides - which cover powers of attorney, court-appointed guardianships, trusteeships, and designated payees for government benefits - outline responsibilities of those who handle the affairs of the millions of elderly Americans who use the assistance of a financial representative. 

We'll review the general "Do's and Don't's" for working with powers of attorney, guardianships, trustees, and designated payees for government benefits. Get tips and guidelines to help your institution work toward better understanding of each of these roles, and learn what's involved when working on behalf of another person.

FinCEN has also weighed in with tips for watching elderly customers. We'll look at the FinCEN information and how this should be reported on a SAR.  We'll also look at other fiduciaries, such as custodians, executors, and their roles and duties.

Covered Topics:

  • What the federal government considers the best behavior and practice in each role
  • What is a guardian, and what can he or she do and not do?
  • What is a power of attorney, and what can the attorney-in-fact do and not do?
  • What are the responsibilities for those who handle matters such as Social Security for millions of Americans?
  • Focus on elder abuse, and our financial institution's role in helping prevent it.
  • UTMA custodians
  • Executors, Administrators, and Letters
  • How to set up each account; what paperwork is required

Who Should Attend?

New Account Representatives, Customer Service Representatives, Branch Administration, Compliance Officers, Legal Department, Branch Managers, Tellers, and anyone who works with customers.