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HomeBusinessCFTC Penalizes Three Major US Banks with $50M for Swap-Reporting Failures

CFTC Penalizes Three Major US Banks with $50M for Swap-Reporting Failures

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Goldman Sachs, Bank of America, and JPMorgan have been ordered by the U.S. Commodity Futures Trading Commission (CFTC) to pay a total of over $50 million to settle charges of swap reporting failures and other violations. According to the CFTC, Goldman Sachs was penalized for failing to diligently supervise its swap dealer activities and for unprecedented failures in swap data reporting. JPMorgan was fined for violations related to swaps reporting, while Bank of America was penalized for failing to diligently supervise swaps reporting and comply with swaps reporting obligations. As part of the settlement, Goldman Sachs will develop a written remediation plan and retain a consultant to advise on and assess the plan.

Goldman Sachs, Bank of America, and JPMorgan will pay civil monetary penalties of $30 million, $8 million, and $15 million, respectively. The CFTC highlighted the substantial cooperation from each of the three banks with regulators, resulting in reduced penalties. The order serves as a reminder of the importance of accurate and timely reporting in the derivatives market. It also underscores the need for diligent supervision by financial institutions to ensure compliance with reporting obligations. The penalties imposed by the CFTC aim to promote accountability and maintain the integrity of swap reporting in the financial industry.

In conclusion, Goldman Sachs, Bank of America, and JPMorgan have settled with the CFTC, agreeing to pay a total of over $50 million for swap reporting failures and other violations. The penalties reflect the banks’ failure to diligently supervise swap activities and comply with reporting obligations. As part of the settlement, Goldman Sachs is required to develop a remediation plan and engage a consultant for guidance. The CFTC acknowledges the cooperation from the banks, resulting in reduced penalties. This enforcement action emphasizes the importance of accurate reporting and diligent supervision in the derivatives market, aiming to ensure integrity and accountability in the financial industry.

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