WASHINGTON — Sen. Sherrod Brown, D-Ohio, is pressing the Securities and Exchange Commission to revoke certain privileges from banks when they are involved in settlements or enforcement actions for illegal activity.

The call comes on the heels of several high-profile cases, including the Royal Bank of Scotland's settlement over manipulation of the London interbank offered rate and Credit Suisse's tax fraud plea agreement, in which the SEC granted waivers to the banks to continue being involved in certain kinds of business. RBS was allowed to keep its well-known seasoned issuer status and Credit Suisse was permitted to temporarily remain an investment advisor.

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