USAA said it will conduct an executive search to find Vincent's successor. “I’m grateful for Paul’s leadership,' CEO and President Wayne Peacock said.
USAA Federal Savings Bank President Paul Vincent is leaving the bank at the end of the month after a little more than three years at its helm. The San Antonio -based insurance and financial services company confirmed Vincent’s last day will be May 31, but offered no reasons for his departure.
It said it would conduct a search to find his successor. “I’m grateful for Paul’s leadership and his commitment to serving our mission, members and teammates,” USAA CEO and President Wayne Peacock said in Wednesday an emailed statement. USAA said Vincent, who also served on USAA’s executive council, wasn’t available for comment. BAYOU CASE: Older USAA Bank customers targeted in alleged check scheme in Louisiana; 21 people indicted. He has been with the bank for about 10 years. As head of retail banking, he was responsible for its deposits, credit cards and payments business until he was appointed to succeed President Chad Borton in 2021. Borton held the post for less than four years. Regulatory scrutiny USAA Bank has endured some choppy times under Vincent’s leadership. At the start of his second year on the job, two banking regulators hit USAA Bank with $140 million in fines for failing to timely report thousands of suspicious transactions by its customers. The Financial Crimes Enforcement Network, or FinCEN, levied a $140 million fine, while the Office of the Comptroller of the Currency assessed a $60 million penalty. FinCEN agreed to credit the OCC’s $60 million civil penalty so the bank only had to pay $140 million. In the consent order, USAA admitted violating to violating federal law, which requires financial institutions to be vigilant for signs that depositors might be laundering crime proceeds, financing terrorism or committing other financial misdeeds. Peacock said at the time that the issues identified in the order did not result in any harm to individual USAA members. Last year, the OCC determined the bank had not complied with statutes prohibiting “discriminatory or illegal credit practices.” The OCC, USAA Bank ’s primary regulator, cited the bank’s failure to provide customers “promised interest rate discounts on automobile loans.” Red ink Meanwhile, the bank has lost money in three of the past four years. It lost almost $324 million in 2020 — the first time since 1985 it had finished in the red — and followed that by losing $386.5 million in 2021 — Vincent’s first year as president. The bank attributed the losses, in part, to rising costs. It spent heavily on technology systems, hiring and compensation to improve the business. It also beefed up its risk management and regulatory compliance in the wake of earlier penalties regulators assessed in 2020. It also cited falling loan volume, soaring deposits and record-low interest rates as reasons for the losses. USAA Bank returned to profitability in 2022, reporting $139 million in net income, but lost $313 million last year. Early last year, USAA announced it had eliminated the ATM usage fees it charged members — expanding its network of surcharge-free ATMs to more than 100,000 locations around the country. The bank also said it would begin providing access to paychecks up to two days faster to members who have them directly deposited into a USAA account. USAA provides insurance, banking and retirement solutions to more than 13 million members of the military, veterans and their families.
Federal Savings Bank Office Of The Comptroller Of The Currency Financial Crimes Enforcement Network Paul Vincent Vincent Wayne Peacock Chad Borton San Antonio Louisiana
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