USAA, Federal Savings Bank was assessed an $85 million civil money penalty under a consent order with the Office of the Comptroller of the Currency (OCC) over violations of the Military Lending Act (MLA) and the Servicemembers Civil Relief Act (SCRA), among other things, the agency said Wednesday.
The OCC said that USAA failed 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 MLA and the SCRA. The violations are being addressed by the bank under a January 2019 consent order with the OCC, the agency said.
The OCC, in the order released Wednesday, said USAA has failed to implement and maintain an effective compliance risk management program and an effective IT risk governance program commensurate with the bank’s size, complexity, and risk profile. The order states that the bank “has deficiencies in all three lines of defense in its compliance risk management program – first-line business units, independent risk management, and internal audit.” The bank’s engagement in unsafe or unsound practices and violations of law “were part of a pattern of misconduct,” it said.