The Commodity Futures Trading Commission (CFTC) today issued two simultaneous orders against swap dealers U..S.Bank, N.A.and introduction broker Oppenheimer & Co.

The registrant of the settlement admitted the facts detailed in the order, was ordered to cease and desist from further violations of record-keeping and supervision requirements, and was ordered to comply with specific promises of redress。

Command requirements U.S.Bank to pay $6 million civil penalty, Oppenheimer to pay $1 million civil penalty。

The orders determined that, at least since 2019, both Bank of America and Oppenheimer had failed to prevent employees, including top employees, from using unapproved means of communication to communicate, including sending messages via personal text messages.。

The two companies are required to retain certain written communications because they relate to the company's business registered with the CFTC.。Neither company has generally retained and preserved these written communications, and neither company has generally been able to provide them in a timely manner if requested by the CFTC。

Each order further determined that the company-wide use of unapproved means of communication violated each company's internal policies and procedures, which generally prohibit business-related communications by unapproved means.。In addition, some regulators responsible for ensuring compliance with company policies and procedures have also violated company policies by using unapproved means of communication for business-related communications.。

Since December 2021, the CFTC has imposed 11 penalties on 22 financial institutions..$2.4 billion in civil fines for the agencies' use of unapproved means of communication in violation of the CFTC's record-keeping and oversight requirements.。