- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Rep. Maxine Waters has unveiled the Megabank Accountability and Consequences Act, legislation demanding that federal banking regulators initiate proceedings to wind down big banks that repeatedly violate consumer protection laws.
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Sen. Bernie Sanders (I-Vt.) has introduced legislation that would “break up the nation’s biggest banks and risky financial institutions in order to safeguard the economy.” Rep. Brad Sherman (D-Calif.) will file a companion bill in the House.
A $1 billion fine may set the stage for even harsher enforcement actions against Wells Fargo and their big bank brethren, despite the deregulatory zeal taking hold at the Federal Reserve and other agencies.
Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau.
