USAA will fork over more than $12 million to service members, retirees and veteran account holders as a result of a recent settlement with the Consumer Financial Protection Bureau, Military Times' Karen Jowers reported on Jan. 3.
The Consumer Financial Protection Bureau alleged that USAA "failed to properly resolve errors; failed to honor members' requests to stop preauthorized payments through Electronic Fund Transfers; and that it reopened accounts without members' authorization and without notifying them," according to Military Times.
The result of which is that the bank will pay $181.59 to each of the 66,240 USAA account holders who were "denied a reasonable investigation of the error they reported" to USAA, the Times reported.
The Consumer Financial Protection Bureau found that "on numerous occasions, USAA representatives refused to investigate errors because they concerned payday loans," according to a consent order from the settlement. USAA did not admit or deny the allegations.
Additionally, the San Antonio, Texas-based bank was slapped with a $3.5 million fine, which it will have to pay to the Consumer Financial Protection Bureau, reports American Banker.
That said, the bank has been taking steps to repay members, with a spokesman telling Military Times that "USAA has been proactively addressing these issues for more than a year and most are resolved," and that in 2017 the bank "began providing restitution payments to some affected members, and improved our procedures."
WATCH NEXT: President Trump Attempts To Explain USSR-Afghanistan History
The U.S. Department of Veterans Affairs failed to modify its electronic systems and lacked an accountable official to oversee implementation of the "Forever GI Bill," resulting in a bungled rollout last year that affected thousands of college students, a new report from the agency's Inspector General says.
In the early morning hours of March 15, Riley Schultz, a 19-year-old Marine from Longmont, California, was found at his guard post in Camp Pendleton, San Diego with an apparent gunshot wound to the head. Less than 30 minutes later he was pronounced dead.
Ricardo Delano Whitehead, third from left, was honored by Live Oak officials and the Sutter County Sheriff's Office at Wednesday's City Council meeting for intervening in an attack last month. (Courtesy Sutter County Sheriff's Office)
Ricardo Delano Whitehead isn't your average 69-year-old. Despite being just a few weeks shy of 70, the U.S. Army veteran still practices martial arts. In his younger years, he even taught it to an Army battalion at Fort Bragg in North Carolina.
On Feb. 13, Whitehead happened upon a man he saw tackle a woman before repeatedly punching her in the doorway of a Live Oak, California business. Whitehead yelled at the suspect to leave the woman alone, at which point the other man turned his attention on the veteran.