USAA to Pay $85 Million Over Risk Management Failures

USAA Federal Savings Bank was fined $85 million for faulty risk management and information technology failures that resulted in violations of protections for military personnel, the Office of the Comptroller of the Currency said.

The national bank regulator found that USAA, which primarily serves active duty servicemembers, veterans and their families, didn’t have sufficient safeguards to protect its customers. Those failures led to violations of the Military Lending Act and the Servicemembers Civil Relief Act, the OCC said Wednesday.

The OCC had previously identified San Antonio-based USAA’s risk management and IT shortfalls in a 2019 consent order.

USAA also agreed ...