The bank has been hit with more than $240 million in fines from regulators for issues...
’s practices was not the first. In recent years, the San Antonio bank has been hit by regulators with a string of fines and penalties over compliance issues.The Consumer Financial Protection Bureau found
USAA Bank failed to honor customers’ stop-payment requests on electronic fund transfers and had reopened customers’ previously closed accounts without authorization. The bank agreed to pay $12 million in restitution for 66,240 customers who were “denied a reasonable error resolution investigation” and $3.5 million as a civil penalty. The CFPB said that from July 2011 to November 2016, USAA Bank reopened 16,980 accounts without permission from its customers. More than 5,100 incurred fees as a result. In July 2017, USAA had reimbursed those customers $270,521 — the total fees plus interest.
from “satisfactory” to “needs to improve” after uncovering evidence of 600 violations involving customers. The OCC found evidence of 546 violations of the Servicemembers Civil Relief Act, including failure to provide protections to military reservists as the act requires, wrongful repossession of vehicles and the filing of “inaccurate” affidavits in default judgments in civil court cases.
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