The whistleblower had been telling the truth after all. https://www.complianceweek.com/regulatory-enforcement/whistleblowers-defamation-case-reveals-scope-of-usaa-coverup/35664.article
The first area of deficiency listed by the OCC (2024) was “management”. Now because of the mess they created, even more people will more than likely lose their jobs.
Let’s hope the OCC reads the past and present comments on this website.
The EMPLOYEES do not have to “take out” their employers because the regulators will do it when employers are not adhering to Federal regulatory compliance requirements (i.e. Dec 2024 Comprehensive cease and desist order issued by the OCC - Read it). Then no one will have a job, including you @11m+1jjf3237x. When companies are continuously demonstrating unsafe and unsound business practices, they will sink themselves.
I'm curious, why are some EMPLOYEES so desperately trying to take out their employer? Yall wanna be unemployed if this ship sinks? Why not just leave?
The consent order has everything to do with the OP. The whistleblower was not dismissed. in fact, their action led to $225 million in civil penalties to USAA as well as the initial consent orders. The new one is an extension of that, so completely relevant.
In December 2024, the Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order against USAA Federal Savings Bank. The order requires the bank to correct deficiencies in several areas, including:
Management: Unsafe or unsound practices related to management
Information technology: Unsafe or unsound practices related to information technology
Consumer compliance: Unsafe or unsound practices related to consumer compliance
Internal audit: Unsafe or unsound practices related to internal audit
Suspicious activity reporting: Violations of suspicious activity reporting
Risk governance: Enhance risk governance
Fraud risk management: Enhance fraud risk management
Third-party risk management: Enhance third-party risk management
The consent order is not the subject here. Obviously there’s a new consent order. The “whistleblower” case has been dismissed.
The new consent order replaced the old one. It has not been dismissed.
False. The case has already been dismissed.
Yes they were telling the truth!