The Consumer Financial Protection Bureau is launching state-specific guides for elder financial caregivers.
The guides are needed because of different state laws and services, CFPB Director Richard Cordray said in announcing the initiative on Monday.
Cordray said he wants to see the states make greater efforts to prevent elder financial abuse.
Produced initially for Virginia, one of the states with large senior citizen populations, the CFPB’s guides will be produced for other states with high concentrations of seniors: Arizona, Florida, Georgia, Illinois and Oregon.
For Virginia, the bureau prepared four different 25-page guides aimed at financial caregivers with powers of attorney: individuals who are given fiduciary responsibilities for elder payments from specific agencies, such as the Social Security Administration, the Department of Veterans Affairs and the Railroad Retirement Administration; court-appointed conservators; and trustees given powers under revocable trusts.