- CFTC orders three major US banks to pay over $50 million for swap-reporting failures

The U.S. Commodity Futures Trading Commission 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. JPMorgan, Bank of America, and Goldman Sachs will pay civil monetary penalties of $15 million, $8 million, and $30 million respectively. Goldman Sachs was penalized for failing to diligently supervise its swap dealer activities and for unprecedented failures regarding swap data reporting. The order also requires Goldman Sachs to develop a written remediation plan and retain a consultant. JPMorgan was fined for violations related to swaps reporting, while Bank of America was penalized for failing to diligently supervise swaps reporting and failing to comply with swaps reporting obligations. The commission acknowledged the substantial cooperation of the three banks with regulators, resulting in reduced civil monetary penalties.