Skip to Content
Start of Content

Information for USAA Bank Members

The Office of the Comptroller of the Currency (OCC) and the Financial Crimes Enforcement Network (FinCEN) have announced consent orders and two fines totaling a net amount of $140 million against USAA Bank for not meeting Bank Secrecy Act/Anti Money Laundering (BSA/AML) requirements. This occurred because we did not sufficiently strengthen the capabilities and expertise necessary to meet BSA/AML requirements.

The issues identified in these orders did not result in any individual member harm. We know these requirements are important and we are addressing these issues. We have already made progress in many critical areas by investing in new systems and training, enhancing staffing and expertise, and improving our processes. These are foundational elements that are strengthening our capabilities as we focus on meeting our regulatory commitments and making sustainable progress. We are committed to working quickly and not stopping until the issues are fixed. Our financial strength and dedication to our mission remain strong and the work we are doing will help us continue to take great care of military families.


Compliance requirements are important and we are addressing these issues. We have already made progress in many critical areas by investing in new systems and training, enhancing staffing and expertise, and improving our processes. These are foundational elements that are strengthening our capabilities as we focus on meeting our regulatory commitments and making sustainable progress. We are committed to working quickly and not stopping until the issues are fixed.


No, because there was no individual member harm.


Prior to these orders, we took action to address these issues and we continue to strengthen our risk and compliance programs. We have more to do, but we are making progress. Specifically, we have added critical expertise and enhanced training, quality control and processes. This will better position us to serve our members now and in the future.


The Office of the Comptroller of the Currency (OCC) is an independent agency within the United States Department of the Treasury that charters, regulates and supervises national banks and federal savings associations, as well as federal branches and agencies of foreign banks.


The Financial Crimes Enforcement Network is a bureau within the United States Department of the Treasury.


The OCC and FinCEN fined USAA Bank for not meeting Bank Secrecy Act/Anti Money Laundering (BSA/AML) requirements.


This occurred because we did not sufficiently strengthen the capabilities and expertise necessary to meet BSA/AML requirements. We remain focused on serving the military and their families in a compliant fashion.


This means we did not meet requirements related to those laws. This occurred because we did not sufficiently strengthen the capabilities and expertise necessary to meet those requirements.


The two agencies have noted weaknesses in our BSA/AML program, including deficiencies in internal controls, staffing and training.


The OCC fine is $60 million, and the FinCEN fine is $140 million. FinCEN is reducing the amount we are required to pay to satisfy its fine by the amount we pay to the OCC, resulting in a lower payment to FinCEN and a total net amount of $140 million. Some external sources may report $200 million as the total amount we actually paid, which is incorrect.


USAA will pay this fine from earnings. USAA Bank maintains exceptionally strong levels of capital and liquidity — substantially above regulatory capital requirements. USAA also has a strong net worth of $40 billion and the highest possible ratings from S&P, Moody's and AM Best.