Failed Bank Executives Accountability and Consequences Act

This bill, the Failed Bank Executives Accountability and Consequences Act, aims to increase accountability for bank executives and directors when their negligence contributes to a bank failure. It directly affects current and former executive officers and directors of insured depository institutions and covered financial companies. The legislation grants regulators the authority to recover compensation, including salaries, bonuses, and deferred payments, from executives whose negligence caused financial losses, with no time limit for cases involving fraud. It also allows regulators to remove negligent executives from their positions and prohibits them from participating in the management of any insured depository institution. Additionally, the bill establishes daily civil penalties for executives who negligently or knowingly cause financial losses to a failed bank.