Ending Presidential Corruption in Banking Act

(a) Prohibition on approving covered applications for covered persons. The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency may not approve a covered application if a covered person, directly or indirectly, or acting through or in concert with 1 or more persons—

(1) owns, controls, or has the power to vote more than 10 percent of any class of voting securities of the bank;

(2) is an organizer or senior executive of the bank; or

(3) otherwise exercises a controlling influence over the bank.

(b) Review and termination. Not later than 60 days after the date of enactment of this Act, the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency shall terminate the charters, licenses, master accounts, and deposit insurance of those banks that had a covered application approved after January 20, 2025, while a covered person, directly or indirectly, or acting through or in concert with 1 or more persons—

(1) owned, controlled, or had the power to vote more than 10 percent of any class of voting securities of the bank;

(2) was an organizer or senior executive of the bank; or

(3) otherwise exercised a controlling influence over the bank.