CEO Wayne Peacock to Retire in 2025
San Antonio, TX – The U.S. Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order against USAA Federal Savings Bank on December 18, citing “new or ongoing violations.” This action targets the banking division of USAA, a San Antonio-based company specializing in insurance and financial services.
Key Details of the Order
The OCC’s order accuses USAA of engaging in “unsafe or unsound practices” across several critical areas. These include:
- Management and earnings
- Information technology
- Consumer compliance
- Internal audits
- Suspicious activity reporting violations
Additionally, the bank reportedly failed to comply with guidelines regarding heightened operational standards. This latest action replaces similar orders from January 2019 and March 2022. The updated order outlines measures aimed at improving USAA’s risk management and compliance protocols.
USAA’s Response
USAA spokesperson Roger Wildermuth acknowledged the order, emphasizing that while progress has been made, the pace has been insufficient.
“Although our progress has not been consistent or swift enough, we believe USAA is well-positioned to fulfill the regulator’s requirements,” said Wildermuth. “With a stronger foundation in place, we remain focused on mitigating risks and enhancing our processes to better serve our members.”
Impact on USAA’s Operations
As part of the directive, USAA faces restrictions on expanding its membership criteria or introducing new products and services. USAA, known for its exclusive banking and insurance offerings to military personnel and veterans, must prioritize compliance and risk management.
“Managing risk effectively is essential to fulfilling our mission,” Wildermuth added. “We are committed to resolving issues and reinforcing the rigor of our internal systems.”
USAA also plans to invest in additional training and advanced systems to ensure operational excellence.
“Our goal is to get this right for USAA and our members,” Wildermuth stated.
Leadership Transition at USAA
In related news, USAA CEO Wayne Peacock announced earlier this year his intention to retire in 2025. The leadership transition underscores USAA’s broader efforts to align with regulatory expectations and strengthen internal governance.
For further updates on this developing story, visit the San Antonio Business Journal.
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