Watchdog head: Fines may not stop bad behavior by companies

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The head of the nation’s financial watchdog is having second thoughts about using fines to deter illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference. In an interview with The Associated Press, Rohit Chopra signaled that the Consumer Financial Protection Bureau plans to deploy an array of tools that could limit the ability of a bank or financial firm to conduct business if they violate the law. Chopra said the agency has to update its enforcement tactics because banking has changed dramatically in the last decade, particularly with the emergence of technology companies engaging in financial services.