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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jaclyn Jaeger2022-06-16T17:13:00
In the 15 years I’ve been writing for Compliance Week, never have I covered a company that has evoked as much anger and palpable relief from so many current and former employees as USAA—anger toward its senior executives and management, and relief someone finally had the courage to come forward publicly.
Since Compliance Week published its three-part series on USAA’s “catastrophically mismanaged” compliance culture, more current and former USAA employees (nearly two dozen, to date) have shared with me their own experiences about reporting alleged violations of law internally to USAA’s management—some on numerous occasions and in documented emails—only to be retaliated against or let go in response.
For the sake of this specific column, Compliance Week has chosen to leave all names anonymous, including the allegedly culpable management. But what I will share is all the employees who came forward to me either worked or currently work in various departments at various levels of the organization—from the lower ranks to upper management. In any organization, that’s typically a sign of a systemically unhealthy culture.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
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USAA Bank engaged in an estimated 400,000 violations of the Military Lending Act, a former director of compliance within the bank reported to the Office of the Comptroller of the Currency in documents seen by Compliance Week.
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In exclusive interviews with Compliance Week, former USAA insiders describe a risk and compliance culture in which numerous individuals either were given the axe or quit because the problems were so endemic.
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