Top Tweets for #Cfpb

As if any service member or veteran needed another reason to BOYCOTT USAA? 2019 — CFPB enforcement: $15.5 million. The CFPB found USAA Federal Savings Bank violated federal electronic-transfer law in its handling of disputed transactions and stop-payment requests. It also found that USAA reopened previously closed deposit accounts without customers' authorization in certain circumstances. USAA was ordered to pay about $12 million in restitution and a $3.5 million penalty. 2020 — OCC: $85 million penalty. The Office of the Comptroller of the Currency fined USAA Federal Savings Bank $85 million for deficiencies in its compliance-risk-management and information-technology risk programs. 2022 — major anti-money-laundering case. FinCEN assessed a $140 million penalty against USAA Federal Savings Bank for what the agency called “willful violations” of the Bank Secrecy Act. The problems involved its anti-money-laundering program and its failure to adequately identify and report suspicious activity. 2024/25 — servicemember overcharging settlement: roughly $64 million. This one is particularly striking given USAA's military-focused business. Servicemembers and veterans alleged USAA failed to properly apply protections under laws including the Servicemembers Civil Relief Act (SCRA) and overcharged interest and fees. The litigation also alleged USAA's subsequent remediation/refund process was misleading or inadequate. USAA denied wrongdoing but agreed to a settlement of roughly $64 million. December 2024 — OCC issued another sweeping cease-and-desist order. This is important because it wasn't simply a historical problem that ended after the earlier fines. The OCC said USAA still had deficiencies involving management, earnings, information technology, consumer compliance and internal controls, among other areas. The new order replaced previous OCC orders from 2019 and 2022. Data-security litigation. USAA also faced class-action litigation concerning a data incident in which plaintiffs alleged inadequate safeguards allowed personal information to be accessed or compromised. A $3.25 million settlement ultimately received final approval in 2025; settlement does not itself establish the allegations as proven. 2026 — $5 million insurance-related settlement. A separate class action concerned allegations that USAA insurance companies improperly retained interest associated with refunds of certain late fees. A $5 million settlement was reached. Again, that's a settlement rather than a finding at trial.