Public Database for Tracking Financial Misconduct and Bad Actors.
This law mandates federal financial regulators to establish a free, publicly accessible database within three years. The database will list individuals and entities found liable or convicted in criminal, civil, or administrative actions related to financial services. This measure aims to protect consumers and investors by providing easy access to records of financial misconduct.
Key points
Creation of a free, public database listing individuals penalized for financial crimes and misconduct.
Data will be sourced from major U.S. financial regulators, the Department of Justice, and state/local agencies.
Information must be removed if the original enforcement action is overturned by a court or withdrawn by the agency.
Status:
Expired
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