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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jaclyn Jaeger2022-05-06T15:00:00
At a time when other large banks were stacking their risk and compliance departments amid intensified banking regulatory scrutiny, USAA’s risk and compliance functions remained woefully understaffed in an organization plagued by systemic violations of laws that went unaddressed for years. In exclusive interviews with Compliance Week, former USAA insiders described a culture in which numerous individuals either were given the axe or quit because the problems were so endemic.
Since 2015, USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA, has gone through at least four chief compliance officers (CCOs). And, at the group level, another four CCOs and several enterprise chief risk officers have come and gone in a very short period.
“There’s a reason for all this,” said Lenn Ferrer, who was a former director of compliance at USAA Bank before he blew the whistle to regulators in March 2020. “This has been a catastrophically mismanaged organization. It lost its way. It lost its core values.”
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2023-02-14T16:00:00Z By Jaclyn Jaeger
Comerica Bank has been battling allegations for years of mishandled fraudulent transactions in violation of U.S. federal banking laws. A series of class-action lawsuits against the bank recently certified by a federal district court judge provide scope into the alleged failings.
2022-06-16T17:13:00Z By Jaclyn Jaeger
Jaclyn Jaeger reflects on feedback received from former and current USAA employees following her three-part series detailing alleged violations of law and mismanaged compliance culture at the financial services giant.
2022-03-22T16:59:00Z By Jaclyn Jaeger
The consent order issued by the Office of the Comptroller of the Currency against USAA Bank imparts lessons for compliance officers in the financial services industry on how—and how not—to maintain a Bank Secrecy Act/anti-money laundering compliance program.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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