Sec. 101. Initiate proceedings to revoke charter
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The Comptroller shall review and determine, after consulting with the Director of the Consumer Bureau, within 90 days of enactment of this Act whether a national bank or Federal savings association affiliated with a global systemically important bank holding company, or the branch, representative office, or agency of a foreign bank that is federally licensed and affiliated with a global systemically important bank holding company, is engaging or has engaged in a pattern or practice of unsafe or unsound banking practices and other violations related to consumer harm.
Not later than 120 days after the date of enactment of this Act, the Comptroller shall provide written notice to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing the review, listing any identified institution with a detailed basis for the determination, and, subject to subsection (d), immediately initiate proceedings to terminate the Federal charter of any such institution or appoint a receiver for any such institution, pursuant to title LXII of the Revised Statutes of the United States, the National Bank Receivership Act ( 12 U.S.C. 191 et seq.), or the Home Owners’ Loan Act ( 12 U.S.C. 1461 et seq.).
The Corporation shall review and determine, after consulting with the Director of the Consumer Bureau, within 90 days of enactment of this Act, whether an insured depository institution affiliated with a global systemically important bank holding company has engaged or is engaging in a pattern or practice of unsafe or unsound banking practices and other violations related to consumer harm. Not later than 120 days after the date of enactment of this Act, the Corporation shall provide written notice to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing the review, listing any identified institution with a detailed basis for the determination and, subject to subsection (d), immediately initiate an involuntary termination of the deposit insurance of the depository institution under and subject to the procedures set forth in section 8(a) of the Federal Deposit Insurance Act ( 12 U.S.C. 1818(a) ).
The Board of Governors shall review and determine, after consulting with the Director of the Consumer Bureau, within 90 days of enactment of this Act, whether a State member bank affiliated with a global systemically important bank holding company is engaging or has engaged in a pattern or practice of unsafe or unsound banking practices and other violations related to consumer harm. Not later than 120 days after the date of enactment of this Act, the Board of Governors shall provide written notice to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing the review, listing any identified institution with a detailed basis for the determination and, subject to subsection (d), immediately initiate proceedings to terminate such bank’s membership in the Federal Reserve System pursuant to the Federal Reserve Act ( 12 U.S.C. 221 et seq.).
The Board of Governors shall review and determine, after consulting with the Director of the Consumer Bureau, within 90 days of enactment of this Act whether— a foreign bank affiliated with a global systemically important bank holding company that has a State-licensed branch, agency, commercial lending company, or representative office is engaging or has engaged in a pattern or practice of unsafe or unsound banking practices and other violations related to consumer harm. Not later than 120 days after the date of enactment of this Act, the Board of Governors shall provide written notice to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing the review, listing any identified foreign bank with a detailed basis for the determination and, subject to subsection (d), immediately initiate proceedings to terminate the foreign bank’s ability to operate in the United States pursuant to section 7(e) of the International Banking Act of 1978 ( 12 U.S.C. 3105(e) ); or a Federal branch or Federal agency of a foreign bank affiliated with a global systemically important bank holding company that is engaging or has engaged in a pattern or practice of unsafe or unsound banking practices and other violations related to consumer harm.
Not later than 120 days after the date of enactment of this Act, the Board of Governors shall provide written notice to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing the review, listing any identified institution with a detailed basis for the determination and transmit within 24 hours to the Comptroller a recommendation that the license of the Federal branch or Federal agency be terminated pursuant to section 4(i) of the International Banking Act of 1978 ( 12 U.S.C. 3102(i) ).
The Federal prudential banking agencies shall testify before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate regarding the review required by this section no later than 180 days after the date of enactment of this Act. Each Federal prudential banking agency shall coordinate and share all relevant information with other Federal prudential banking agencies in carrying out this section. To the extent the same institution is identified by multiple Federal prudential banking agencies under this section, the appropriate Federal banking agency shall not delay or otherwise cease taking any action required by this Act with respect to the institution.
A determination by the Comptroller, the Board of Governors, or the Corporation under subsection
(a)shall be subject to review by a Federal district court of competent jurisdiction under the procedures provided for under section 8(h) of the Federal Deposit Insurance Act ( 12 U.S.C. 1818(h) ). If the Comptroller, the Board of Governors, or the Corporation, as applicable, makes a determination to initiate proceedings to terminate a Federal charter for a national bank, Federal savings association, or branch, agency, commercial lending company, or representative office of a foreign bank under this section, or makes a determination to initiate an involuntary termination of the deposit insurance, the Comptroller, the Board the Governors, or the Corporation, as applicable, shall notify the institution that removal is required of any director or senior officers responsible, as determined by the appropriate Federal banking agency, for overseeing any division of the institution during the time that the institution was engaging in the identified pattern or practice of unsafe or unsound banking practices, pursuant to section 8(e) of the Federal Deposit Insurance Act ( 12 U.S.C. 1818(e) ). Any current and former directors and senior officers determined responsible by the appropriate Federal banking agency for overseeing any division of an institution during the time that the institution was found to be engaging in the pattern or practice of unsafe or unsound banking practices under this title shall also be permanently banned from working as an employee, officer, or director of any other banking organization, pursuant to section 8(e) of the Federal Deposit Insurance Act ( 12 U.S.C. 1818(e) ).
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Sec. 101
Initiate proceedings to revoke charter
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