USAA saying the recent layoffs “are a normal part of running a healthy business during an economic downturn,” is ridiculous. Laying off your compliance, regulatory, and risk governance teams (not just individual employees) leaves a huge gap in the company that Regulators will not tolerate. But to USAA, it’s worth the risk and the fines. We see what happen to SVB when they went without a lead in their Regulatory/Risk area.
Cuts are necessary, but not in area where regulations and member experience are detrimental.
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That’s funny about Celie. I left right after she was hired and I remember how weird the first introduction she gave to compliance was. Very little about compliance and lots about her s-xuality and how she’s an activist. I was trying to figure out why we needed to know about her secs life to do our job.
Best not to have Compliance and Risk staffed up when you offshore. They might catch big problems and the c suite won't be able to claim ignorance.
Which Compliance areas were impacted??
Frankly, many of the risk officers need to be fired. Neeraj is awful. He’s an engineer - why was that hired to be a Chief Risk Officer?
Mani Sulur is a cancer to USAA and the risk office. He is also an engineer and inept. Anything he touches get royally screwed up, but grandpa Neeraj makes sure to keep him covered.
Lesley Collins is equally toxic and is where she’s at because she kisses up to Mani.
They all need to go!
So aml is getting cut???
Not to mention legal is the final decision amd they would rather defend in court than protect members. Honest quote… RESPA doesn’t apply to mortgage transfers…let’s talk to the CFPB about that circus
Compliance Has always been understaffed. And it’s gotten worse since they brought in the wells and Citi crew. The compliance leaders are more focused on meeting PR cr-p than complying with the law.
1- Celie spends more time spreading Lbgtq stuff than actually managing compliance
2- Katherine was the compliance exec at wells consumer when they discovered the infractions that resulted in the biggest fine ever.
3- Op Risk leader leaves. But hey worked at Wells and Citi too,
Totally agree. I was can’t believe we’re cutting people in Compliance after all we’ve been through these last 7 + years, but here we are. I’ve been cut (along with my team) because BCC is no longer the priority but I’ve been here long enough to remember when we got into trouble for the same attitude