Kaptur Sponsors Bill that will Shut Down Megabanks that Abuse Customers

Press Release

Congresswoman Marcy Kaptur (OH-09), today joined Ranking Member of the Financial Services Committee, Congresswoman Maxine Waters (CA-43), to introduce the Megabanks Accountability and Consequences Act. The bill empowers the federal banking oversight bodies to wind down megabanks that have engaged in repeated violations of the law and harmed consumers.

"The American people have been asking Congress to step up and rein in abusive megabanks, that thwart our laws in order to make a quick profit on the backs of the American people," said Kaptur. "I am proud to join Ranking Member Waters and stand up for ordinary people who are fed up with the abuses of these big banks who were complicit in the 2008 economic crisis that ravaged our economy. This bill has real teeth and gives federal banking oversight bodies the ability shut down banks that engage illegal abuse."

What does the bill do?

Requires federal prudential banking regulators to fully utilize existing authorities--such as the ability to shut down a megabank and ban culpable executives and directors from working at another bank -- to stop megabanks that clearly and repeatedly engage in practices that harm consumers.

The bill also clarifies and enhances the enforcement tool kit to ensure that megabanks and their executives will be held accountable for repeatedly breaking the law and harming consumers.

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