Skip to main content

Sanders Seeks to Break Up Six Largest Banks

Phil Hall
Oct 04, 2018
Sen. Bernie Sanders (I-VT) has introduced legislation that would apply a new cap on how large a U.S.-based financial institution could grow

Sen. Bernie Sanders (I-VT) has introduced legislation that would apply a new cap on how large a U.S.-based financial institution could grow. If enacted, this would force the breaking up of the nation’s six largest lenders.
Sanders’ legislation—dubbed the "Too Big to Fail, Too Big to Exist Act”—would cap financial institutions so their total exposure would not exceed three percent of the U.S. GDP, currently at $584 billion. This would impact the operations of JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley. Sanders’ bill also addresses the future operations of large non-bank financial service companies including Prudential, MetLife and AIG.
“No financial institution should be so large that its failure would cause catastrophic risk to millions of Americans or to our nation’s economic well-being,” Sanders said. “We must end, once and for all, the scheme that is nothing more than a free insurance policy for Wall Street: the policy of ‘too big to fail.’”
A companion bill was introduced in the House by Rep. Brad Sherman (D-CA) will introduce a companion bill in the House.

Oct 04, 2018
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021