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CFTC penalizes PNC Bank for swap reporting violations

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CFTC penalizes PNC Bank for swap reporting violations

The U.S. Commodity Futures Trading Commission filed and settled charges against PNC Bank NA for failing to report obligations as a swap dealer.

The regulator imposed a civil monetary penalty of $300,000 on the company.

The company failed to file large trader reports for its physical commodity swaps and failed to timely report certain trades to its swap data repository.