Failed Bank Executives Accountability and Consequences Act
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Summary
This bill grants federal financial regulators authority to recover compensation from bank executives and directors whose negligence caused financial losses to failed banks, and establishes civil penalties and industry prohibitions for such executives. The bill defines clawback authority to cover compensation received in the 2 years before a bank failure (or any time period in cases of fraud), and creates new civil penalty provisions allowing fines up to $25,000 per day for negligent conduct and higher amounts for knowing or reckless conduct. It also authorizes regulators to remove and prohibit executives from participating in the affairs of any insured depository institution when their negligence contributed to a bank failure.
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