OCC calls out elder financial abuse in enforcement orders

The national bank regulator is now noting in its enforcement orders if the misconduct cited specifically involves elderly customers, the Office of the Comptroller of the Currency (OCC) said in a release Thursday.

It said such financial abuse of older adults by an institution-affiliated party “may include the illegal or improper use of an older adult’s funds, property or assets.”

Thursday’s announcement noted two recent enforcement actions in particular:

  • Order of Prohibition against John S. Werner, Former Universal Banker, North American Savings Bank, FSB, Grandview, Missouri, for using his position at the bank to embezzle funds from a customer’s account for his personal benefit, without the bank customer’s knowledge or authorization, which also resulted in a loss to the bank. (Docket No. AA-WE-2023-28)
  • Order of Prohibition against Robyn LaPenta, Former Branch Manager, Evans Bank, N.A., Angola, New York, for abusing her position at the bank to initiate fraudulent cash transactions from the accounts of six elderly bank customers for her personal benefit, which also resulted in a loss to the bank. (Docket No. AA-ENF-2023-33)

OCC Announces Enforcement Actions for October 2023 and Enhances Transparency Around Certain Misconduct