The Veterans Administration’s fiduciary program is failing to protect veterans and must be overhauled, U.S. Rep. Charles Schumer, D-N.Y., said Wednesday.
The fiduciary program is a process by which an individual is put in charge of a veteran’s benefit payments when that veteran, due to injury or incompetence, is unable to handle his or her money.
Usually, the fiduciary is a family member, but in some cases the VA has assigned people with criminal records or documented gamblers as a veteran’s fiduciary, Schumer said.
“It’s a formula for disaster,” Schumer said. “In the past decade, about $15 million has been stolen from veterans as a result of bad fiduciaries, and that’s only what’s been reported. Everyone knows it’s a lot more.”
Schumer said new regulations would safeguard thousands of elderly veterans from widespread fraud.
“For too long, veterans have fought for our nation and survived battle, only to face friendly fire from their VA-appointed fiduciaries,” said Schumer.
Schumer said the VA has admitted the fiduciary program is outdated and have claimed new draft regulations are completed.
“But the new rules still sit at a VA desk,” Schumer said.
The Democratic senator demanded the VA submit the new regulations to the Office of Management and Budget and implemented immediately.
“It’s something that must be done immediately,” Schumer said.
The rules are intended to help protect veterans in the fiduciary program from fraudulent and irresponsible managers who are appointed by the VA to oversee their finances.
Schumer said improvements must address current flaws, better explain beneficiary rights and impose stricter fiduciaries qualifications. He also called on the VA to better identify and report non-compliance and to increase staffing and training to improve the oversight of the program.
The Veterans Administration’s fiduciary program is failing to protect veterans and must be overhauled, U.S. Rep. Charles Schumer, D-N.Y., said Wednesday.
The fiduciary program is a process by which an individual is put in charge of a veteran’s benefit payments when that veteran, due to injury or incompetence, is unable to handle his or her money.
Usually, the fiduciary is a family member, but in some cases the VA has assigned people with criminal records or documented gamblers as a veteran’s fiduciary, Schumer said.
“It’s a formula for disaster,” Schumer said. “In the past decade, about $15 million has been stolen from veterans as a result of bad fiduciaries, and that’s only what’s been reported. Everyone knows it’s a lot more.”
Schumer said new regulations would safeguard thousands of elderly veterans from widespread fraud.
“For too long, veterans have fought for our nation and survived battle, only to face friendly fire from their VA-appointed fiduciaries,” said Schumer.
Schumer said the VA has admitted the fiduciary program is outdated and have claimed new draft regulations are completed.
“But the new rules still sit at a VA desk,” Schumer said.
The Democratic senator demanded the VA submit the new regulations to the Office of Management and Budget and implemented immediately.
“It’s something that must be done immediately,” Schumer said.
The rules are intended to help protect veterans in the fiduciary program from fraudulent and irresponsible managers who are appointed by the VA to oversee their finances.
Schumer said improvements must address current flaws, better explain beneficiary rights and impose stricter fiduciaries qualifications. He also called on the VA to better identify and report non-compliance and to increase staffing and training to improve the oversight of the program.
