The Office of the Comptroller of the Currency (OCC) of the US Department of the Treasury has levied a fine of $85 million on USAA, Federal Savings Bank for AML failures.
The OCC found that USAA had deficient compliance risk management and information technology risk governance frameworks. Consequently, the bank violated the Military Lending Act and the Servicemembers Civil Relief Act, among other laws.
USAA is now addressing the deficiencies pointed out by the OCC. The bank’s remediation actions are in accordance with the January 2019 Consent Order that it signed with the OCC.
Source name: Office of the Comptroller of the Currency, US Treasury