US regulator orders USAA Federal Savings Bank to correct unsafe practices

(Reuters) - USAA Federal Savings Bank has been ordered to correct a range of longstanding regulatory deficiencies amounting to unsafe and unsound practices, the U.S. Office of the Comptroller of the Currency (OCC) said on Wednesday.

Problems identified related to management, earnings, information technology, consumer compliance and internal audit and suspicious activity reporting violations, some of which the agency has identified since at least 2019, the office said in a statement.

USAA Federal Savings is part of the United Services Automobile Association, which was founded to provide financial services to members of the U.S. military.

According to the OCC, the order announced Wednesday included parts of prior orders issued in 2019 and 2022 for which USAA was not yet in compliance and directed the bank to improve management of compliance, fraud and third-party risks, as well as risk governance. It also prevents the bank from adding some products and services.



In a statement, the USAA said it was working to address the problems identified.

"Although our progress has not been consistent or swift enough, the bank is well-positioned to complete this work," it said, adding that its credit ratings, capital and liquidity were "substantially above regulatory requirements."

Source: Investing.com

Publicații recente
Oklo target nearly doubled at Wedbush on AI-driven demand for nuclear energy
24.01.2025 - 18:00
Crypto markets lose steam after Trump's first policy move
24.01.2025 - 18:00
Combination of Google's TPU-DeepMind units may be worth $700 bn - DA Davidson
24.01.2025 - 18:00
British American Tobacco, Altria shares rise after menthol ban proposal dropped
24.01.2025 - 18:00
Morocco stocks higher at close of trade; Moroccan All Shares up 0.34%
24.01.2025 - 18:00
Commerzbank says no talks with UniCredit until specific proposal made
24.01.2025 - 18:00
Venture Global aims for $64 billion valuation at debut in test for energy IPOs
24.01.2025 - 18:00
Intuitive Machines stock surges on NASA contract award
24.01.2025 - 18:00
International Paper's $7.2 billion acquisition of DS Smith gets EU approval
24.01.2025 - 18:00
Short-term stock optimism soars among retail investors, AAII survey shows
24.01.2025 - 18:00
Venture Global shares likely to open up to 6% above IPO price
24.01.2025 - 18:00
Intuitive Surgical, American Express Stir Friday's Market Cap Stock Movers
24.01.2025 - 18:00
BMW joins Chinese EV makers in filing EU court challenge to tariffs
24.01.2025 - 18:00
Turkey stocks lower at close of trade; BIST 100 down 0.08%
24.01.2025 - 18:00
Diageo stock jumps on possible Guinness sale
24.01.2025 - 18:00

© Analytic DC. All Rights Reserved.

new
Analiza pieței Cum va afecta raportul NFP de mâine cursul de schimb al dolarului american?