USAA

USAA claims to have developed the mobile capture deposit technology and has already successfully sued Discover and Truist, among others.

Neeraj Singh joins the Buffalo, New York-based bank after a four-year stint at USAA, which has seen an exodus of top executives.

The San Antonio-based insurer and bank has named Juan Andrade as its next CEO. The company's bank has suffered a series of regulatory penalties.

For the third time in five years, the Office of the Comptroller of the Currency issued an enforcement action against the beleaguered bank. It bars USAA from adding new products or loosening its membership criteria without evaluating the risks of getting bigger.

Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.

The military-focused company, which operates an insurer and a $111.7 billion-asset bank, has tangled with regulators during Wayne Peacock's tenure. He will retire in the first half of 2025.

The proposed settlement would resolve allegations that USAA violated laws protecting those in the military from excessive interest rates. The bank said it "strongly disagrees" with the allegations.

Ryan Bailey's responsibilities include refreshing Cambridge Savings Bank's digital-only brand Ivy Bank. The institution believes his prior stint at USAA has prepared him for the challenge.

A conversation with USAA's Paul Vincent

It is rare for banks, especially large ones, to receive unsatisfactory ratings in their Community Reinvestment Act examinations. The San Antonio bank has now done it twice in a row.