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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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  1. 2022

    USAA Federal Savings Bank fined $140 million over AML compliance failures

    Fine or penalty

    FinCEN and the OCC imposed penalties on USAA Federal Savings Bank under separate consent orders over what the agencies described as its willful failure to implement and maintain a Bank Secrecy Act/anti-money laundering compliance program. The article states the total amount payable as $140 million; it also reports a $60 million OCC penalty and a $140 million FinCEN penalty, with FinCEN crediting the OCC fine based on similar findings.

    Source excerpt

    • USAA Federal Savings Bank (FSB) must pay $140 million as part of two separate consent orders reached with the Financial Crimes Enforcement Network (FinCEN) and Office of the Comptroller of the Currency (OCC) for the bank’s “willful” failure to implement and maintain a Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program.
    • The orders, announced Thursday, include a $140 million civil penalty imposed against USAA FSB by FinCEN and $60 million penalty levied by the OCC.
    Source

  2. 2022

    USAA Bank reaches AML settlement with FinCEN

    Settlement

    FinCEN announced a settlement agreement with USAA Bank for $140 million in civil fines over Bank Secrecy Act violations; the article says the agency characterized the violations as willful.

    Source excerpt

    • Collectively, FinCEN noted that USAA Bank “willfully” violated its AML requirements.
    • FinCEN announced the settlement last week after reaching a settlement agreement for $140 million in civil fines for violations of the Bank Secrecy Act.
    Source

  3. 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.
    Source