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USAA fined $ 85 million for risk management and compliance violations




SAINT ANTHONY Editor’s Note: This story was published as part of a partnership between the San Antonio Business Journal and KSAT.

The Office of the Comptroller of the Currency on Wednesday issued a civil penalty of $ 85 million against the San Antonio-based Federal Savings Bank USAA, citing failures in risk management and bank compliance, according to a press release.

The OCC said these issues led to violations of the Military Civilian Relief Act and the Military Loan Act, and the bank was working to remedy the violations under a consent order. of 2019. The fine will be paid to the US Treasury.

The bank failed to implement and maintain an effective compliance risk management program and [information technology] risk governance program commensurate with the size, complexity and risk profile of banks, according to the latest consent order. The bank has gaps in all three lines of defense (frontline business units, independent risk management and internal audit) in its compliance risk management program.

The USAA said in a statement that it is working diligently to hire the right expertise and improve its systems, although it has not progressed quickly enough to address some gaps, and is working cooperatively with the OCC.

Simply put, we have failed to meet our high standards and those of our members and regulators. As we have grown rapidly over the past decade, we have never given up on our commitment to serve members. However, we haven’t invested enough in the capabilities and expertise to meet regulatory requirements and changing business needs, USAA CEO Wayne Peacock said in a statement.

Learn more about previous USAAs violations in the San Antonio Business Journal.

Copyright 2020 by KSAT – All rights reserved.

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