USAA Praises Treasury for Recommending Insurance Modernization

New Report from Treasury Secretary Paulson Lists Optional Federal Charter as
Part of Capital Markets Competitiveness Plan

SAN ANTONIO, Texas, March 31 /PRNewswire-USNewswire/ -- Today, USAA praised
the Department of Treasury for recommending that insurance modernization be
implemented as a part of a broader strategy to strengthen America's
competitiveness in global capital markets. The recommendation is part of the
Treasury's effort to increase efficiency, reduce overlap and improve
adaptability in the U.S. financial services sector. As the nation's leading
financial services firm dedicated to serving members of the military and their
families, USAA has long advocated for an optional federal charter that would
achieve a more active federal role in the regulation of insurance and end the
current state-by-state maze of insurance regulation that unfairly punishes the
men and women who serve in America's Armed Forces.

"We commend Treasury Secretary Paulson for recognizing that insurance
modernization is long overdue. Solutions like an optional federal charter will
provide consumers with more choice, cost savings, and consistent consumer
protections and efficiency," said Brian Conklin, Vice President of Federal
Government Relations for USAA.

U.S. military members are disproportionately penalized by the current system
because one third of all military members move every year pursuant to federal
order. As a result, military members must frequently navigate a new insurance
system.

"This can be confusing, time-consuming and inefficient," said Conklin. "A
single regulator will simplify the insurance process and allow our members to
focus on their principal duties of protecting and serving our country."

Insurance modernization would eliminate these roadblocks by creating common,
national standards for insurance products. This is essential for fostering a
competitive marketplace where consumers benefit from a hassle-free experience,
lower prices, stronger solvency protections and better service. The current
burdensome patchwork of state regulation robs Americans of choice, innovation
and consistent consumer protections.

"We urge Congress to implement the Treasury's insurance recommendations" said
Conklin. "An optional federal charter offers the fairest system for America's
service members, choice for all consumers, and the necessary edge for U.S.
competitiveness."

About USAA

USAA, a diversified financial services company, is the leading provider of
competitively priced financial planning, insurance, investments, and banking
products to members of the U.S. military and their families. Named as
BusinessWeek's top Customer Service Champ in 2007 and 2008 and ranked highest
amongst financial services companies for customer advocacy in a Forrester
Research survey, USAA provides convenient and accessible financial products to
its more than 6 million members. For more information about USAA, or to learn
more about membership, visit http://www.usaa.com.

SOURCE USAA

Roger Wildermuth of USAA, +1-916-285-2605, roger.wildermuth@usaa.com