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USAA FSB pays $85M for ineffective compliance and IT risk programs

San Antonio, TX
10/14/2020
Fine Amount: 
$85 million
Penalty Type: 
Issued by: 

The OCC has assessed an $85 million civil money penalty against USAA Federal Savngs Bank for the bank’s failure to implement and maintain an effective compliance risk management program and an effective information technology risk governance program. These deficiencies resulted in violations of law, including but not limited to violations of the Military Lending Act and the Servicemembers Civil Relief Act. In January 2019, the bank entered into a consent order with the OCC concerning the deficiencies, and is in the process of remediating them.

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