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Adrian Prather
Sep 29, 2023 11:42PM ET
🤣🤣. IYKYK
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US CFTC orders 3 major US banks to pay over $50 million for swap reporting failures
Published Sep 29, 2023 10:03PM ET
Updated Sep 29, 2023 10:21PM ET
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© Reuters. FILE PHOTO: The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo
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© Reuters. FILE PHOTO: The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo
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By Kanishka Singh
WASHINGTON (Reuters) -The U.S. Commodity Futures Trading Commission on Friday ordered Goldman Sachs, Bank of America and JPMorgan to pay a total of over $50 million to settle charges of swap reporting failures and other violations, the agency said.
JPMorgan, Bank of America, and Goldman Sachs will pay civil monetary penalties of $15 million, $8 million, and $30 million respectively, the CFTC said in a statement.
Goldman Sachs was penalized for failing to diligently supervise a wide range of its swap dealer activities, and "for unprecedented failures regarding swap data reporting," the commission said.
The order announced Friday also includes Goldman Sachs taking steps to develop a written remediation plan and retain a consultant to advise on and assess its remediation plan.
JPMorgan was fined for violations related to swaps reporting, while Bank of America was penalized over "failing to diligently supervise swaps reporting and failing to comply with swaps reporting obligations," the commission added.
The commission said its order recognized "substantial cooperation" from each of the three banks with regulators and added that the cooperation resulted in reduced civil monetary penalties.
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Comments (2)
Derick Lim
Sep 29, 2023 10:15PM ET
A drip in the ocean for the 3 bloodsucking leeching crooks
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