- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-10-02T17:53:00
Three of the largest U.S. financial institutions agreed to pay penalties totaling $53 million across settlements with the Commodity Futures Trading Commission (CFTC) addressing alleged swap reporting failures among their respective affiliates.
Goldman Sachs was fined $30 million, while JPMorgan Chase and Bank of America were assessed penalties of $15 million and $8 million, respectively. The CFTC announced the settlements in a press release Friday, in which Ian McGinley, director of the agency’s Enforcement Division, said it is “well past time for swap dealers to ensure they are in full compliance” with CFTC regulations.
At Goldman Sachs & Co., some deficiencies uncovered by the CFTC were found to have persisted over the course of the last decade. The agency’s investigation revealed supervisory weaknesses in areas including swap data reporting, pre-trade mid-market mark (PTMMM) disclosures, personnel reporting lines, clearing member risk management policies, notices regarding initial margin model and segregation, and disclosure of static material economic terms, per the CFTC’s order.
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Bank of America will pay a $12 million penalty for allegedly reporting false mortgage lending data to the federal government, under a settlement reached with the Consumer Financial Protection Bureau.
The Commodity Futures Trading Commission and France’s Autorité des marchés financiers signed a new agreement to continue collaboration regarding the supervision and oversight of firms that operate on a cross-border basis in the United States and France.
The Commodity Futures Trading Commission will consider increasing its enforcement penalties in certain cases to deter future violations of commodities law and punish repeat offenders.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
