1. Short title This Act may be cited as the Megabank Accountability and Consequences Act of 2017 . 2. Findings Congress finds the following: (1) The Federal prudential banking agencies and the Bureau of Consumer Financial Protection ( Consumer Bureau ) are tasked with the responsibility for overseeing United States banking organizations and foreign banks operating in the United States. Prior to the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 ( Dodd-Frank Act ) and the existence of the Consumer Bureau, the Federal prudential banking agencies were responsible for supervising banks for safety and soundness and compliance with Federal consumer financial laws. (2) Following the 2007–2009 financial crisis, Congress conducted a series of hearings and concluded that in the years leading up to the crisis, the Federal prudential banking agencies were not adequately utilizing their rulemaking and supervisory functions, nor enforcing Federal consumer financial laws appropriately, which led to widespread consumer abuses that in turn contributed to the crisis and led to the near collapse of the United States banking system. To the extent Federal prudential banking agencies took action to enforce consumer protection laws, their actions were extremely limited and focused on small banks even though the majority of consumer complaints were tied to the largest banks. In order to better protect consumers from many of the predatory acts and practices within the consumer financial marketplace that contributed to the financial crisis, and to restore integrity to the country’s financial system, Congress enacted the Consumer Financial Protection Act of 2010 ( CFPA ), under title X of the Dodd-Frank Act. The CFPA established the Consumer Bureau to regulate the offering and provision of consumer financial products or services under the Federal consumer financial law for certain covered entities. The Consumer Bureau’s enforcement powers with respect to very large banking organizations include