The remote deposit capture tech at the center of the dispute is used by 6,500 institutions. That may mean other institutions will have to pay licensing fees to USAA.
Severe attacks are on the rise in all sectors, including financial services. There are several specific defenses banks can employ to mitigate and recover from them.
The San Antonio company named Judith Frey vice president of digital banking, Maria Alvarez Mann chief information officer for bank technology and Carri Arnold bank technology officer.
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The enforcement action from the OCC comes on the heels of a CFPB consent order that said USAA reopened customers' accounts without consent and neglected stop-payment requests.
The bank will pay over $15 million in restitution and fines to settle claims that it neglected stop-payment requests and reopened deposit accounts without customers' consent.
The San Antonio bank will refer customers seeking small-business loans to StreetShares, a financial startup that is similarly focused on serving veterans of the U.S. military.
