Big banks face probe over NDAs in swaps, clearing businesses, Bloomberg reports

The Commodity Futures Trading Commission (CFTC) has reached out to a number of banks, including JPMorgan Chase, Bank of America and Citigroup (C.N), to see if they have been preventing would-be whistleblowers from speaking out, Bloomberg News reported, on Wednesday.

CFTC is asking banks for non-disclosure agreements in their swaps and clearing businesses, and has also sought employment and customer agreements in those businesses, the report added, citing people familiar with the matter.

And one final cut after their meeting in mid-december, getting to their three interest rate cuts of 25 basis points each by the end of this year.

JP Morgan and Citigroup did not immediately respond to Reuters requests for comment, while CFTC and BofA declined to comment.

The top financial regulator joins the U.S. Securities and Exchange Commission, which has increased its oversight in this area and has levied fines against companies that don’t comply.

In January, JPMorgan agreed to pay a $18 million civil penalty to settle charges it violated whistleblower protection rules, the U.S. SEC said.

A top enforcer of criminal malfeasance on Wall Street, Damian Williams has also encouraged whistleblowers to come forward and report wrongdoing under a new program aimed at uncovering illegal activity.