USAA Federal Savings Bank nabs new risk head from Citigroup
USAA Federal Savings Bank has nabbed Citigroup executive, Neeraj Singh, to replace retiring chief risk officer, Torben Ostergaard.
The San Antonio-based firm has also promoted from within. It’s moved former head of retail banking, Paul Vincent, to a new role as head of its banking unit.
“USAA is adding a highly talented risk professional with two decades of global leadership and risk management experience,” says CEO Wayne Peacock.
“We are excited to benefit from his deep experience across multiple products, services and risk types, and his proven ability to build strong teams.”
Singh has also held customer and risk management leadership positions with TD Bank and Barclays.
On the appointment of Vincent, Peacock says his “financial services background and risk management experience” helps the firm “keep pace” with what its members need.
The appointments follow USAA finding itself in regulatory hot water last year. The Office of the Comptroller of the Currency (OCC) levelled a $85 million penalty on its banking ops for risk failings.
It was the second reprimand for the bank in two years. The latest fine actually stems from a censure issued by the OCC in January 2019.
The OCC said USAA failed to “implement and maintain an effective compliance risk management program”.
Related: 2020’s 10 largest regulatory fines