Elder Issues

News & Analysis as of

FINRA to Propose Action on Exploitation of Elderly Investors

On September 17, 2015, FINRA announced that it would propose rules to help member firms protect seniors and other vulnerable adults from financial exploitation. The proposal would create a safe harbor enabling broker-dealer...more

FINRA Proposes New Rule to Further Protect Seniors and Vulnerable Adults From Financial Exploitation

The Financial Industry Regulation Authority (FINRA) announced a new proposed rule that will allow member firms to place a temporary hold on a disbursement of funds or securities when the firm has a reasonable belief that...more

OCIE Warns on Suitability in Retail Sales of Structured Products

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a recent “Risk Alert” noting observed deficiencies in broker-dealer supervision and compliance controls over retail sales of structured products –...more

Consumer Financial Protection Bureau Files Suit Against Company and Individuals Who Allegedly Ran Pension Loan Scam

On August 20, 2015, the Consumer Financial Protection Bureau (“CFPB”) and the New York superintendent of financial services jointly sued Pension Funding, LLC; Pension Income, LLC; and individuals Steven Covey, Edwin Lichtig,...more

HUD issues final rule modifying portability process in HUD’s Housing Choice Voucher Program

Effective September 21, amendments to HUD’s Housing Choice Voucher (HCV) Program – the government’s largest program for assisting low-income, elderly, and disabled populations in the private housing market – will change the...more

BIG DEAL MONDAY: Summer Deals Heating Up the Market

Our friends at Senior Housing News (www.seniorhousingnews.com) have reported on a number of recent transactions that show the senior housing market continues to be hot, just like the summer weather here in Florida!...more

D.C. Circuit Ruling Means DOL’s Home Care Rule May Soon Go Into Effect

On August 21, 2015, the U.S. Court of Appeals for the District of Columbia Circuit (“D.C. Circuit”) upheld the United States Department of Labor’s (“DOL’s”) Home Care Rule and reversed the lower court’s decisions vacating the...more

CFPB and New York Department of Financial Services Sue Pension Loan Companies for Deceptive Marketing

On August 20, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) jointly filed suit against two pension loan companies and three individual managers for deceptively marketing...more

Ombudsman News profiles vulnerable consumers

The August 2015 issue of Ombudsman News includes a series of features on consumers in vulnerable circumstances. These include the elderly, those with mental health problems and carers as well as those made vulnerable by...more

CFPB’s Office of Older Americans Releases Virginia Guides Designed for Financial Caregivers

On August 17, the CFPB released Virginia state-specific Managing Someone Else’s Money guides, which are designed to make it easier for financial caregivers to follow the state’s unique fiduciary laws and procedures. According...more

CFPB issues state-specific guides for financial caregivers

In October 2013, the CFPB released four “Managing Someone Else’s Money” guides for financial caregivers, particularly those who handle the finances of older Americans. The booklets were designed for four different categories...more

Advertising Law - August 2015 #2

FDA Wants to Pour Some Sugar on the Nutrition Label - Adding to the proposed changes to the Nutrition Facts label—the first tweaks in 20 years—the Food and Drug Administration has suggested yet another: adding the...more

For-Profit PACE Programs: Harbinger of the Future?

The Program of All-Inclusive Care for the Elderly (PACE) is a benefit program provided by the federal government through the Centers for Medicare & Medicaid Services (CMS), geared toward the care of frail, elderly...more

Divorcing During Your Senior Years

Although the law governs the divorce process in general, no two divorces will be the same. This is because all divorces come with their own unique set of factors that are specific to the couple seeking the divorce....more

CFPB Readies Guidance to Help Prevent Elder Financial Exploitation

On July 13, CFPB Director Richard Cordray delivered remarks at the White House Conference on Aging, expressing the need to protect older consumers in light of recent studies that have found that financial exploitation is the...more

Washington Healthcare Update

This Week: Senate Reauthorizes Older Americans Act; Bill Heads to the House... White House Holds 2015 Conference on Aging and Launches Several New Administration Healthy Aging Initiatives Enveloping Alzheimer’s, Dementia,...more

Health Alert (Australia) - July 6, 2015

In This Issue: - Judgments; Legislation; and Reports. - Excerpt from Judgments: Victoria. 26 June 2015 - Northern Health v Kuipers [2015] VSCA 172 - The Victorian Supreme Court has allowed an appeal...more

Health Alert (Australia) - June 22, 2015

In This Issue: - Judgments; Legislation; and Reports. - Excerpt from Judgements: Victoria. Inquest Into the Death of Baby Chloe Lee Kellett - The Victorian Coroner investigated an infant's death from...more

Structured Thoughts: News for the financial services community, Volume 6, Issue 3

In This Issue: - The National Senior Investor Initiative - SEC Commissioner Addresses Structured Notes - The SEC Defines “Voting Equity Securities” Under the Rule 506(d) Bad Actor Disqualification...more

Is your loved one a victim of nursing home neglect?

Illinois families are often faced with the difficult decision of placing a loved one in a nursing home, where they are supposed to receive the care that their families are unable to provide. ...more

Joint Center on Housing Studies releases “Housing America’s Older Adults”

Harvard Joint Center for Housing Studies recently released a report entitled Housing America’s Older Adults, which highlighted several issues: - High housing costs resulted in older adults to skimp on other...more

CFPB And FDIC Develop Spanish-Language Tool To Stop Financial Exploitation of Older Adults

On October 7, the CFPB and the FDIC announced a Spanish-language version of Money Smart for Older Adults, a free financial resource tool intended to prevent the elder financial exploitation that is affecting millions of...more

Seniors Needn’t Drive into the City to Get Overcharged!

Remember when you had to drive into the city to get overcharged? Those days are over. According to a report issued Wednesday by the Office of Inspector General of Health & Human Services, Medicare patients pay two to six...more

Today’s Riddle: When Does Medicare Fine Hospitals for Admitting Sick Seniors?

Give up? It’s when the sick senior was treated at that same hospital less than 30 days ago for heart attack, heart failure, or pneumonia. Starting in less than three months, the list of conditions will be expanded to cover...more

LGBT-Friendly Senior Housing Planned for D.C.

This past weekend I attended an open house for Mary’s House for Older Adults, a pro bono client in northeast D.C. Mary’s House is the brainchild of Dr. Imani Woody, who plans to transform her childhood home into affordable...more

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