USAA Federal Savings Bank controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2020
OCC fines USAA Federal Savings Bank $85 million
Fine or penalty
The Office of the Comptroller of the Currency imposed an $85 million fine on USAA Federal Savings Bank after finding failures in its compliance risk management and information technology risk programs, including violations of the Military Lending Act and the Servicemembers Civil Relief Act.
Company response
Remediation — USAA Bank
We are resolving these issues and providing remediation to potentially impacted members.
Source excerpt
These deficiencies resulted in violations of law, including but not limited to violations of the Military Lending Act and the Servicemembers Civil Relief Act.
The decision, announced Oct. 14, was made by the Office of the Comptroller of Currency (OCC), a U.S. Treasury bureau tasked by law with overseeing banks.
USAA Federal Savings Bank must pay the U.S. government an $85 million fine after regulators found failures in the company's compliance risk management and information technology risk programs.