ICYMI: The San Antonio institution was cited for its failure to provide customers “promised interest rate discounts on automobile loans.”
from a bank regulator that found the San Antonio institution didn’t comply with statutes prohibiting “discriminatory or illegal credit practices.”’s primary regulator, cited the bank’s failure to provide customers “promised interest rate discounts on automobile loans.”, which prohibits “unfair or deceptive acts or practices.”
“Our overall rating was lowered due to regulatory concerns that have been addressed and were related to a product that USAA discontinued in 2020,” it added. USAA Bank declined to provide any details on the product.It marked theThe latest evaluation follows USAA Bankfor 2022. The publication surveyed customers in developing the rankings.
The service test evaluates “service delivery systems that are reasonably accessible to all portions” of the bank’s assessment area. The bank had about $113.3 billion in assets as of Sept. 30. It had about $40.2 billion in loans, primarily comprised of automobile loans, credit card loans and residential mortgages. It had more than $86 billion in deposits.In March, the Financial Crimes Enforcement Network, or FinCEN, and the OCC assessed the bank a combined $140 million in fines for failing to timely report thousands of suspicious activities by its customers.
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