CFTC Fines US Banks $50 Million for Swap-Reporting Failures
The U.S. Commodity Futures Trading Commission (CFTC) has 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. Goldman Sachs was penalized for failing to 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. The banks will pay civil monetary penalties and take steps to develop remediation plans.