Fed Ends Nearly Decade-Old Enforcement Action Against BNP Paribas

The Federal Reserve fined BNP Paribas and its U.S. subsidiaries $246 million on July 17, 2017, after traders colluded in electronic chatrooms to manipulate foreign-exchange rates between 2007 and 2013, exposing deficiencies in management oversight and internal controls. A corrective order also required the bank to strengthen supervision of foreign-exchange trading and its compliance systems.

The Fed announced on July 2, 2026, that it had terminated cease-and-desist orders against BNP Paribas, BNP Paribas USA and BNP Paribas Securities on June 25, ending nearly nine years of additional oversight. Lifting the restrictions does not affect the existing fine, but is expected to reduce ongoing compliance burdens and give the bank greater flexibility to expand its U.S. operations.