Markets Wired

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $85 million civil money penalty against USAA, Federal Savings Bank.

The OCC took this action based on the bank’s failure to implement and maintain an effective compliance risk management program and an effective information technology risk governance program. These deficiencies resulted in violations of law, including but not limited to violations of the Military Lending Act and the Servicemembers Civil Relief Act. The bank is in the process of remediating these violations pursuant to the requirements of the January 2019 Consent Order the bank entered into with the OCC.

The OCC penalty will be paid to the U.S. Treasury.

Related Link