OCC Fines USAA $85 Million

On 10/14/2020, the Office of the Comptroller of the Currency (OCC) fined USAA, Federal Savings Bank $85 million due to failures in their compliance risk management program as well as their information technology risk governance program. In their release, the OCC explains that these deficiencies resulted in violations of law, including but not limited to violations of the Military Lending Act and the Servicemembers Civil Relief Act.  This civil money penalty appears to be related to the January 2019 Consent Order with the OCC.

The full consent order can be found here.

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