"For far too long, federal regulators have focused on advancing the agenda of the far left at the expense of their core mission," said Senator Vance. "This legislation aims to correct that imbalance by ensuring the banking system is governed by ethical and apolitical oversight."
The Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $250 million after the company "wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent," according to CFPB Director Rohit Chopra.