USAA Hit by OCC for Failing to Fix Management, IT Shortcomings

USAA Federal Savings Bank failed to address problems with its management, information technology, and anti-money laundering compliance that had been subject to earlier enforcement actions, a federal banking regulator said.

The Office of the Comptroller of the Currency on Wednesday hit USAA with a “comprehensive” cease-and-desist order after the bank didn’t make fixes that it had promised in consent orders from 2019 and 2022. The new order terminates and supersedes the previous ones, according to the OCC.

The 2019 consent order, which ultimately led to USAA paying an $85 million penalty, focused on management problems at the bank, which ...