1. United States
2. S.C.
3. Letter

Congress must establish a new independent federal department dedicated to real-time technology oversight of financial transactions. This department would employ dedicated tech teams with direct, continuous access to bank transaction systems, empowered to monitor, audit, and intervene in real time. It would operate independently of the banks it oversees, with authority to enforce compliance, investigate violations, and coordinate with the CFPB, OCC, FDIC, Federal Reserve, and FBI. Funding would come from fees on the banks it regulates, ensuring it answers to the public, not the industry. Congress must pass a law requiring real-time AI oversight of every transaction at banks that received federal bailout funds. Capital One took federal bailout money during the financial crisis. That means federal oversight isn’t optional—it’s warranted. Capital One has over one hundred sixty-four thousand CFPB complaints on record and was the most-complained-about bank in twenty twenty-four. The CFPB, the OCC, the FDIC, the Federal Reserve, and the FBI must all have live access to transaction data and enforcement power. Please and thank you.”