US CFTC orders 3 major US banks to pay over $50 million for swap reporting failures

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.