OCC slaps USAA over failure to fix flaws in several areas

OCC slaps USAA over failure to fix flaws in several areas

The order blasts the bank’s management, IT, compliance and suspicious activity reporting. It also limits new products or services and restricts USAA’s ability to expand its membership criteria.

USAA Bank back in regulator's crosshairs over 'unsafe or unsound practices'

The Office of the Comptroller of the Currency, a national banking regulator, has issued another cease-and-desist order against USAA Federal Savings Bank.

US watchdog orders USAA Bank to rectify practices

The US Office of the Comptroller of the Currency (OCC) has issued a comprehensive cease-and-desist order against USAA Federal Savings Bank, demanding that it correct deficiencies.   This action is a response to practices deemed unsafe or unsound by the OCC, particularly in areas of management, earnings, and information technology.  The order, which supersedes previous directives from 2019 and 2022, identifies violations in consumer compliance, i…

OCC issues another 'comprehensive' order against USAA

For the third time in five years, the OCC has issued an enforcement action against USAA. It bars the beleaguered bank from adding new products, or loosening its membership criteria, without evaluating the risks of getting bigger.