USAA Bank scrutinized by US comptroller over risk management practices

Wednesday 20 February 2019 13:00 CET | News

The Office of the Comptroller of the Currency (OCC) has inspected USAA Federal Savings Bank, after the government agency found issues with how the subsidiary manages risk.

In an order signed by USAA officials in late December 2018, the OCC said there were issues with the bank’s compliance management system, risk governance framework and information technology program, according to Biz Journals. Moreover, the US bank was described as having failed to implement and maintain an effective risk management program relative to its size and scope, while its internal audit program was described as insufficient.

USAA had fifteen days which began on January 7, 2019 to create a compliance committee and within 75 days must create a written plan. The bank also agreed to be monitored by the OCC as it works out various issues.

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Keywords: risk management, compliance, audit, security, OCC, US, banking, USAA
Countries: World