What did USAA get in trouble for?

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WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that it has assessed a $140 million civil money penalty against USAA Federal Savings Bank (USAA FSB) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. Mar 17, 2022

Is USAA owned by the government?

USAA was formed in 1922 by Army Officers, and remains a privately owned, member organization. USAA’s stock does not trade publically, so is unavailable for you to buy on the open market.

Why did Schwab sell USAA?

“Schwab approaches every decision ‘through clients’ eyes’ and offers a wide selection of investment products and services for some of the lowest costs in the industry.” The sale is part of USAA’s strategy to simplify its business and focus on its core products and services in insurance and banking. May 26, 2020