The Office of the Comptroller of the Currency found evidence that the financial institution had 6,477 violations of the Federal Trade Commission Act. SanAntonio SATX SanAntonioTX USAA Banks BusinessNews Veterans Military
U.S. banking regulators have slapped USAA Federal Savings Bank with a poor evaluation for falling short on rules barring discriminatory and unlawful credit practices., the Office of the Comptroller of the Currency said it found evidence that the San Antonio-based financial institution had racked up 6,477 violations of the Federal Trade Commission Act.
In its report, OCC called out USAA Bank for failing to offer promised interest rate discounts on auto loans. Regulators also said bank officials hadn't improved its"compliance risk management performance" since the OCC conducted its last evaluation in 2018.In a statement emailed to the Current, USAA Bank officials said the demerits in the OCC's review stem from a product the bank no longer offers. However, they declined to provide details on the scrapped product.
"Our specific performance ratings were High Satisfactory for the Lending and Service tests and Outstanding for the Investment test," the statement said."We remain focused on serving USAA members with excellence and consistent with applicable laws and regulations."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gemini Co-Founder Accuses Digital Currency Group of Misrepresentation, Demands CEO Resignation – Bitcoin NewsThe Gemini co-founder Cameron Winklevoss has called for removal of DigitalCurrencyGroup CEO Barry Silbert in an open letter.
Read more »
Currency experts are turning bullish on the euro as Europe looks to hold off a recessionAs markets head into a year of uncertainty against a backdrop of shifting economic data and monetary policy, analysts are turning positive on the outlook for the euro.
Read more »
City of London, British trade groups form new digital currency advocacy allianceThe City of London and four trade associations have announced the formation of a new advocacy group to promote digital currency education and better practices.
Read more »
China's central bank includes digital yuan in report on currency circulationChina's central bank reported there was 13.61 billion digital yuan — roughly $2 billion — in circulation as of December 2022.
Read more »
Classified Documents Found in Biden’s Post-VP Office: What We KnowThere are key differences between Joe Biden and Donald Trump’s mishandling of classified documents, but Republicans insist it's proof of a double standard. Here's what we know
Read more »