OCC hits USAA with third order in five years; places limits on new services, products, membership

USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency (OCC) in the past five years for failing to correct unsafe and unsound banking practices.

USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency (OCC) in the past five years for failing to correct unsafe and unsound banking practices.

USAA failed to correct issues from two previous OCC orders issued in 2019 and 2022, and the latest order was issued “based on unsafe or unsound practices relating to management, earnings, information technology, consumer compliance, and internal audit, and suspicious activity reporting violations,” the agency said Wednesday in a press release.