trending Market Intelligence /marketintelligence/en/news-insights/trending/WWs7XSt3iW0gHPXR2aOkbQ2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

CFTC orders Wells Fargo to pay $400,000 civil monetary penalty

BLOG

Banking Essentials Newsletter: June Edition

Case Study

กรณีศึกษา A Bank Takes its Project Finance Assessments to a New Level

Blog

Financial Institutions Factor Transition Risk into Climate-Related Stress Testing

Blog

Banking Essentials Newsletter: May Edition, Part-2


CFTC orders Wells Fargo to pay $400,000 civil monetary penalty

The U.S. Commodity Futures Trading Commission orderedWells Fargo Bank NA topay a $400,000 civil monetary penalty over violations related to the CommodityExchange Act and CFTC regulations.

In addition to the civil money penalty, the agency requiresthe bank to cease and desist from committing further violations related to theCEA and CFTC regulations. The charges covered the bank's failure to submitaccurate large trader reports for physical commodity swap positions.

The order noted that the bank's large trader reports failedto meet Part 20 requirements from March 1, 2013, through Nov. 13, 2015. Thereports contained errors including missing data along with inconsistent formatand presentation pursuant to the CFTC requirements.

The order noted that the bank has analyzed and modified itspast reports after receiving the first error message from the agency in July2015. Wells Fargo Bank is also modifying its reporting systems data processingreporting systems to comply with the agency's reporting requirements.

The CFTC filed and simultaneously settled the chargesagainst the bank on Sept. 27.

Wells Fargo Bank is a unit of