Elder Issues

News & Analysis as of

CFPB plans national survey on financial well-being

The CFPB has published a notice in the Federal Register indicating that it is planning to conduct a “Financial Well-Being National Survey.” In the notice, the CFPB states that through its prior research, it has determined...more

Silver Tsunami or Fool’s Gold?

Much of the predicted strength and growth of the Senior Housing Market is predicated on the retirement of the Baby Boomers – a veritable silver tsunami of potential residents for senior living facilities. To meet that demand,...more

CFPB Releases Retirement Tool

On November 12th, 2015 the CFPB released “Planning for Retirement,” an interactive, online tool designed to help consumers decide when to claim social security....more

CFPB Releases Tool to Help Consumers Decide When to Claim Social Security

On November 12, the CFPB released “Planning for Retirement,” an online tool intended to help older consumers make informed decisions regarding Social Security retirement benefits. On the same day, the CFPB published a report...more

CFPB Director Delivers Remarks on Financial Literacy at Annual ABA Convention

On November 10, CFPB Director Richard Cordray delivered remarks at the annual American Bankers Association convention. Cordray addressed efforts by the CFPB and financial institutions to collaborate in strengthening financial...more

Financial literacy highlighted in Director Cordray’s remarks to the American Bankers Association

Financial literacy was the focus of Director Cordray’s remarks last week at the American Bankers Association Annual Convention. He identified three areas where the CFPB is focusing its efforts and where financial institutions...more

President Obama Signs Bill to Encourage PACE Program Innovation

On November 5, 2015, President Obama signed into law S. 1362, the Program of All-Inclusive Care for the Elderly (PACE) Innovation Act. The PACE Innovation Act authorizes the Secretary of Health and Human Services (HHS) to...more

FINRA Proposes Rules to Combat Financial Exploitation of Seniors

FINRA Reg. Notice 15-37 (Oct. 2015) requests prompt comment (by November 30) on proposed Rules aimed at detecting and minimizing financial exploitation of seniors and other “vulnerable” adults....more

Top 10 Ways To Be Disinherited (And How To Avoid That) (Part 2)

This is Part 2 in the series of the top 10 factors that I’ve seen that lead to people being disinherited from a relative’s or friend’s estate plan. In Part 1, I discussed 5 of the 10 factors, and the following round out the...more

CFPB to hold retirement planning event

The CFPB has announced that it will be holding an event about retirement planning with the Social Security Administration in Washington, D.C. on November 12, 2015. After remarks from Director Cordray and Acting Commissioner...more

Brain Injuries More Common than Many Americans Think

Traumatic brain injury is a trauma to the brain that is caused by an external force. A significant brain injury can leave an individual with cognitive impairments that affect perception, memory, communication or judgement, as...more

Health Care Update - October 2015

Senate Working Group Pressing Forward on Telehealth - As Congress focuses on bigger picture policy decisions, including broad budget negotiations and raising the debt ceiling, there are some exciting developments on the...more

FINRA Proposes Rules to Help Avoid Financial Exploitation of Seniors

Avoiding financial exploitation of older investors has been on our regulators’ radar screens for several years. With new rules proposed in October 2015, FINRA seeks to make investing safer for seniors and other vulnerable...more

Financial Services Weekly News - October 2015 #3

Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more

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

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