A 1970's Movie where Michael wright is the leader of a gang who robs the elderly when they receive their monthly checks in what seemed to be a housing for the elderly.

Here's a possibility, only I'm not sure if he's with the protectors or attackers:

We're Fighting Back (1981 TV movie)
We're Fighting Back (TV Movie 1981) - IMDb

You can watch the opening to the film at YouTube:
https://search.yahoo.com/search;_ylt...20back%20movie

He debuted in "The Wanderers" (1979). However, I don't think it focuses on something like robbing elderly people. Of course, I haven't seen it since 1980, so my memory might be failing me.
http://www.imdb.com/title/tt0080117/...nm_flmg_act_46