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Office of the Comptroller of the Currency (OCC) issues $60M penalty and cease and desist proceedings against USAA
OCC website ^ | 04/21/2022 | wardamneagle

Posted on 04/21/2022 3:00:43 PM PDT by wardamneagle

Couple of links at the URL.


TOPICS: Military/Veterans
KEYWORDS: banking; fincen; humblegunnerkaren; lazypost; usaa
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1 posted on 04/21/2022 3:00:43 PM PDT by wardamneagle
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To: wardamneagle

Why? I didn’t search all over the place but the only thing I saw on the reference page was cease and desist orders.


2 posted on 04/21/2022 3:04:26 PM PDT by pfflier
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To: wardamneagle

USAA is a/the top rated insurance company. You have to have some relationship to a member of the US military to purchase it. Is this just another attack on patriotic Americans?


3 posted on 04/21/2022 3:05:10 PM PDT by Freee-dame
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To: wardamneagle

Nothing at the link claims that you are the author.

Yet you have listed yourself as the author.
How does that happen?


4 posted on 04/21/2022 3:05:10 PM PDT by humblegunner (Ain't drownin', Just wavin'...)
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To: wardamneagle

From the limks, that’s the banking side of USAA, not the insurance side.


5 posted on 04/21/2022 3:05:30 PM PDT by shotgun
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To: wardamneagle

Legalese writing is an abomination designed to obscure rather than inform.


6 posted on 04/21/2022 3:05:34 PM PDT by Pelham (Q is short for quack )
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To: wardamneagle

FinCEN Announces $140 Million Civil Money Penalty against USAA Federal Savings Bank for Violations of the Bank Secrecy Act

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that it has assessed a $140 million civil money penalty against USAA Federal Savings Bank (USAA FSB) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations.

Specifically, USAA FSB admitted that it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the minimum requirements of the BSA from at least January 2016 through April 2021. USAA FSB also admitted that it willfully failed to accurately and timely report thousands of suspicious transactions to FinCEN involving suspicious financial activity by its customers, including customers using personal accounts for apparent criminal activity.

https://www.fincen.gov/news/news-releases/fincen-announces-140-million-civil-money-penalty-against-usaa-federal-savings


7 posted on 04/21/2022 3:09:28 PM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: wardamneagle
The fines are related to inadequate controls designed to prevent money laundering.
8 posted on 04/21/2022 3:10:17 PM PDT by T.B. Yoits
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To: wardamneagle

Jeez, that’s my bank! SIXTY MILLION DOLLARS! WTF!

Is this targeting a bank that doesn’t adhere to something the GLOBALISTS ARE DEMANDING? A SHAKEDOWN?


9 posted on 04/21/2022 3:10:26 PM PDT by House Atreides
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To: pfflier

Whenever you click on the order number, it downloads a pdf to your computer containing the text of the order.

A 60 million dollar fine to the fed, and those tightwads want to knock a percentage point off my cash back card. I’ve been slowly moving my money out of USAA for awhile now. Maybe I need to step up the process.


10 posted on 04/21/2022 3:11:07 PM PDT by eastexsteve
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To: humblegunner

Would you have been happier with: The Office of the Comptroller of the Currency?


11 posted on 04/21/2022 3:11:10 PM PDT by Robert DeLong
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To: Freee-dame

USAA apparently isn’t in compliance with the Bank Secrecy Act/Anti Money Laundering compliance program of 2020.

So something ugly is being done to them. You’ll have to wade through the legal jargon in those two orders to figure out what it is.


12 posted on 04/21/2022 3:11:11 PM PDT by Pelham (Q is short for quack )
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To: PeterPrinciple

Penalty for not implementing a legally required anti money laundering program…

This is a huge no no, they are lucky the fed didn’t just shut them completely down IMHO..


13 posted on 04/21/2022 3:13:50 PM PDT by HamiltonJay
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To: House Atreides

Yeah, mine too. I guess we will not get our distribution next year😟


14 posted on 04/21/2022 3:13:59 PM PDT by martinidon
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To: Robert DeLong
Would you have been happier with: The Office of the Comptroller of the Currency?

Yes.

Instead of some jerkmate falsely claiming authorship?

Hell yes.

One is a lie and one is not.

Have you a preference?

15 posted on 04/21/2022 3:14:52 PM PDT by humblegunner (Ain't drownin', Just wavin'...)
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To: Freee-dame

In case you wondered where your insurance premiums are going:

https://www.stripes.com/theaters/us/usaa-says-it-will-donate-50-million-over-three-years-to-advance-racial-equality-1.648766


16 posted on 04/21/2022 3:15:08 PM PDT by Clay Moore (Make Jan. 6 Ashli Babbitt Remembrance Day )
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To: Pelham

My guess is that it is a shake down.

Show me the man and I’ll find you the crime.

Even an accusation is enough to destroy someone.


17 posted on 04/21/2022 3:16:10 PM PDT by Sequoyah101 (Politicians are only marginally good at one thing, being politicians. Otherwise they are fools.)
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To: martinidon
Yeah, mine too. I guess we will not get our distribution next year

The distribution is from our insurance and not the FSB, which is separate, so I do not think it will affect our annual distribution. Then, again...who knows?

18 posted on 04/21/2022 3:18:14 PM PDT by OldMissileer (Atlas, Titan, Minuteman, PK. Winners of the Cold War)
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To: wardamneagle
The "bank secrecy act" requires bank to report "suspicious" transactions to the government. The "secret" part is they can't tell you they are doing it.
19 posted on 04/21/2022 3:19:32 PM PDT by Fido969 (45 is Superman!)
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To: wardamneagle

This is interesting, but it’s a lot of smoke on improving procedures to catch money laundering. But did they find a real crime such as money laundering for Mexican cartels?


20 posted on 04/21/2022 3:20:49 PM PDT by ProtectOurFreedom (“Liberty is an antecedent of government, not a benefit from government” ~ Clarence Thomas)
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