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Big Banks Face Tougher Sanctions for Repeat Offenses, CFPB Vows (1)

March 28, 2022, 5:55 PMUpdated: March 28, 2022, 7:46 PM

Big banks and other large firms that repeatedly break the law should face the same stiff sanctions as smaller firms, even if that means potentially shutting down a large institution, CFPB Director Rohit Chopra said.

Big and small firms have existed in a two-tier justice system for decades, Chopra said Monday in a speech at the University of Pennsylvania. Smaller companies often get cumbersome sanctions for law violation, while their large peers can write off settlements as merely the cost of doing business, he said.

The Consumer Financial Protection Bureau will take steps to make sure that the biggest firms ...

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