OCC Consent Order
On Dec. 18, 2024, the Office of the Comptroller of the Currency (OCC) issued USAA Bank a new consent order. It outlines requirements to advance the Bank's risk and compliance management to the level we and our regulators expect. Although our progress has not been consistent or swift enough, the Bank is well-positioned to complete this work. With a stronger foundation in place to prevent and mitigate risk, we will continue to enhance our capabilities and processes to ensure we consistently serve our members with excellence. The order also confirms progress we have made on our Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program and closes the 2022 consent order.
Moving forward, our path is clear. Managing risk effectively and operating in a compliant fashion are the foundation of serving our members and delivering on our mission. We continue to identify and resolve issues while strengthening the rigor of our programs and processes. We also are investing in additional systems and training while reinforcing the behaviors of a strong risk management culture. We will get this right, and the result will be a stronger USAA for our members.
FAQ
The Office of the Comptroller of the Currency (OCC) is an independent agency within the U.S. 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 OCC is the Bank's primary federal regulator.
The Bank Secrecy Act/Anti-Money Laundering laws were enacted to promote financial transparency and deter and detect misuse of the U.S. financial system.
The order confirms progress we have made on our BSA/AML program and administratively closes the 2022 consent order.
This is a top priority for USAA. We continue to identify and resolve issues while strengthening the rigor of our programs and processes. We also are investing in additional systems and training while reinforcing the behaviors of a strong risk management culture. We will get this right, and the result will be a stronger USAA for our members.
USAA remains financially strong and focused on addressing these issues while continuing to provide exceptional service to our members.
There are no new remediations in this order.
USAA continues to remediate any impacted members to ensure they are made whole, going beyond what is required in many cases.
No; there is not a fine associated with this order.
Yes. USAA has the highest possible ratings from S&P, Moody's and AM Best, and USAA FSB has capital and liquidity substantially above regulatory requirements.