The New York of Department of Financial Services (NYDFS) could soon have the power to ban individuals from working in the financial services industry for “egregious conduct.” NY Gov. Andrew Cuomo made the announcement on Monday as part of his 2017 “State of the State” addresses, in which he laid out a series of policy initiatives and legislative proposals.

One proposal is a new piece of legislation that would grant the NYDFS, the state’s top financial regulator – headed by Superintendent Maria Vullo - the ability to banish what Cuomo calls “bad actors” from the financial services industry for “egregious and deceptive behavior.” Cuomo cited the Wells Fargo account scandal as the kind of action that could get a person banned under the new rule.

“New York is the financial center of the world and we have zero tolerance for those who seek to defraud customers and undermine the system,” Cuomo said. “The excesses and systematic abuse at the center of the Wells Fargo scandal is unacceptable and New York, in its role as a regulator, is seeking to take bold steps to crack down on this unacceptable behavior and ensure these bad actors are barred from working in this industry once and for all.”