ziggy29
Moderator Emeritus
Memo from USAA's CEO to its customers on financial reform:
https://www.usaa.com/inet/ent_blogs...wsroom&postkey=usaa_ceo_robles_please_contact
Excerpt:
Anyone understand the specific impact here?
https://www.usaa.com/inet/ent_blogs...wsroom&postkey=usaa_ceo_robles_please_contact
Excerpt:
The U.S. Senate currently is considering legislation (S.3217) that would impose new rules on the nation's financial services industry, including USAA.
As the leading provider of financial services to America's military community, USAA supports financial services reform.
However, the current Senate bill would disproportionally impact USAA because we are a unique and fully integrated association. USAA is not like the banks and other companies that helped bring down our economy, and we never took a penny of TARP funds. We do not engage in the harmful practices this legislation seeks to resolve.
If unchanged, the bill would:
So, we are asking all USAA members and employees to urge their U.S. senators to amend a portion of the bill, known as the "Volcker Rule," to eliminate its effect on a company like USAA. Please know that this legislation does not impact individual member's investments.
- Prevent USAA from managing the association's portfolio as we have for the past 87 years.
- Jeopardize our ability to continue offering many of our competitive products.
- Limit our ability to return money to our members. Last year, USAA returned $1.2 billion to our members in the form of distributions, dividends, and bank rebates and rewards.1
Anyone understand the specific impact here?