American Banker, January 26, 2023, Auto lending practices draw regulatory scrutiny for USAA
Fair-lending and consumer protection advocates see the unprecedented second failing grade as a sign of both the severity of USAA’s malpractice and a growing willingness for regulators to be tougher on banks.
“What is encouraging about all this is that we’ve called for the OCC and all the bank regulators to pay more attention when there are consumer protection violations,” said Adam Rust, senior policy advisor at the National Community Reinvestment Coalition. “Typically that would be the work of other agencies, but for them to consult one another is good.”
