The Office of the Comptroller of the Currency (OCC) has assessed a $60 million civil monetary penalty against USAA, Federal Savings Bank, for violations of the OCC’s Bank Secrecy Act regulations. The OCC also issued a Cease and Desist Order against USAA citing the bank’s failure to establish and maintain an effective Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program.
https://dsnews.com/daily-dose/03-17-2022/occ-fincen-fine-usaa
Sadly, a cease and desist is possible and probable. The fear of that may be driving a lot of the current activities. Regulators advised publicly that there will be little or no tolerance for repeat offenders. The regulatory environment has shifted with the change in administration. The writing was on the wall that would happen in November of 2020. It’s sad that the company could not or didn’t recognize that.
Cease and Desist Order
The layoffs are coming. Maybe even a shutdown.