OCC issues new C&D order to USAA Federal Savings Bank

The Office of the Comptroller of the Currency issued a new cease-and-desist order to USAA Federal Savings Bank that limits the Phoenix bank’s ability to add certain new products and services.

The OCC said in a press release that the C&D order replaces prior orders issued against the bank in 2019 and 2022.

The OCC said it issued the new order “based on unsafe or unsound practices relating to management, earnings, information technology, consumer compliance, and internal audit and suspicious activity reporting violations.” The agency also noted that the was in compliance with its “Heightened Standards” requirements for large banks.

The order requires the bank to take corrective actions to enhance risk governance, compliance risk management, IT management, fraud risk management, and third-party, affiliate, and shared-services risk management.