san antonio – U.S. Office of the Comptroller of the Currency takes a hit. USAA The National Banking Regulatory Authority issued a cease-and-desist order on Dec. 18 regarding what it described as “new or continuing violations” by USAA Federal Savings Bank.
The bank is part of USAA, a San Antonio-based insurance and financial services company.
order claim that banks were involved “Unsafe or unhealthy conduct, including conduct related to operations, revenue, information technology, consumer compliance, and internal audit; Violation reporting of suspicious activity; Violation of guidelines that set high standards applicable to banks; .”
This order replaces suspension orders issued against the bank in January 2019 and March 2022. It also outlines requirements to drive the bank's risk and compliance management.
USAA spokesman Roger Wildermuth said in a prepared statement that while “the bank's progress has been inconsistent and not fast enough,” the bank is completing the work required by national regulators. He said he is in a good position to complete it.
“With a stronger foundation in place to prevent and mitigate risk, we will continue to strengthen our capabilities and processes to ensure we consistently provide excellent service to our members,” Wildermuth said. said.
The order also limits USAA's ability to expand its membership criteria and add new products and services. USAA provides banking and insurance services to military personnel and veterans.
“As we move forward, our path is clear,” Wildermuth said. “Managing risk effectively and operating in a compliant manner is fundamental to serving our members and fulfilling our mission.As we strengthen the rigor of our programs and processes, Continue to identify and resolve issues.”
He added that USAA is investing in additional systems and training.
“Our focus is on getting this right for USAA and our members,” he said.
USAA CEO Wayne Peacock announced his plans earlier this year Plans to retire in 2025.
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