In order to resolve allegations of deficiencies in swap reporting and other offenses, the U.S. Commodity Futures Trading Commission on Friday ordered Goldman Sachs, Bank of America, and JPMorgan to pay a combined total of more than $50 million, the agency said.
According to a statement from the CFTC, JPMorgan, Bank of America, and Goldman Sachs will each pay civil monetary penalties of $15 million, $8 million, and $30 million, respectively.
Goldman Sachs was fined for failing to carefully monitor a variety of its swap dealer activities as well as “for unprecedented failures regarding swap data reporting,” according to the commission.
In accordance with the judgment made public on Friday, Goldman Sachs must also make efforts to create a remedial plan in writing and hire a consultant to help with the process.
While Bank of America was punished for “failing to diligently supervise swaps reporting and failing to comply with swaps reporting obligations,” the commission stated, JPMorgan was penalized for offenses involving swaps reporting.
The commission stated that each of the three banks had provided “substantial cooperation” with regulators and added that this collaboration had led to lowered civil monetary penalties.
