Assets under management Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Private Funds
Private funds reported by Pnc Steel City Advisors, LLC
Employee Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.
Ownership
Reported direct and indirect ownership ranges
Reported ownership ranges
Highlighted bands show the percentage range reported in Form ADV.
Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Pnc Steel City Advisors, LLC.
Reported ownership and control details
Form ADV · Filing date 2026-05-15 · Schedules A and B
| # | Owner / person & role | Interest in entity | Reported interest | Control person | Title / status acquired | Source |
|---|---|---|---|---|---|---|
| 1 | PNC BANK, NATIONAL ASSOCIATIONSOLE MEMBERDomestic entity | PNC STEEL CITY ADVISORS, LLC | 75% or moreCode E | Yes | SOLE MEMBER07/2014 | Schedule APDF page 32 |
| 2 | PETER JOSEPH MARDAGAPRESIDENT, BOARD OF MANAGERSIndividual | PNC STEEL CITY ADVISORS, LLC | Less than 5%Code NA | Yes | PRESIDENT, BOARD OF MANAGERS06/2022 | Schedule APDF page 32 |
| 3 | WALTER B HILLEXECUTIVE VICE PRESIDENT, BOARD OF MANAGERSIndividual | PNC STEEL CITY ADVISORS, LLC | Less than 5%Code NA | Yes | EXECUTIVE VICE PRESIDENT, BOARD OF MANAGERS01/2025 | Schedule APDF page 32 |
| 4 | MARY PATRICIA PUMPHREYCHIEF COMPLIANCE OFFICERIndividual | PNC STEEL CITY ADVISORS, LLC | Less than 5%Code NA | Yes | CHIEF COMPLIANCE OFFICER05/2026 | Schedule APDF page 32 |
| 5 | PNC BANCORP, INC.SHAREHOLDERDomestic entity | PNC BANK, NATIONAL ASSOCIATION | 75% or moreCode E | Yes | SHAREHOLDER05/1990 | Schedule BPDF page 33 |
| 6 | THE PNC FINANCIAL SERVICES GROUP, INC.SHAREHOLDERDomestic entity | PNC BANCORP, INC. | 75% or moreCode E | Yes | SHAREHOLDER05/1990 | Schedule BPDF page 33 |
Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.
Compliance & Disclosures
Filing dated 5/15/2026 2:21:58 PM
Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.
AFelonies2 No
In the past ten years, have you or any advisory affiliate:
- A1Been convicted of or pleaded guilty or no contest to a felony?No
- A2Been charged with a felony?No
BMisdemeanors2 No
In the past ten years, have you or any advisory affiliate:
- B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
- B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions3 Yes2 No
Has the SEC or CFTC ever:
- C1Found you or an advisory affiliate made a false statement or omission?No
- C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?Yes
- C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- C4Entered an order against you or an advisory affiliate in connection with investment-related activity?Yes
- C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?Yes
DOther regulatory actions3 Yes2 No
Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:
- D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?Yes
- D2Found you or an advisory affiliate violated investment-related regulations or statutes?Yes
- D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?Yes
- D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No
ESelf-regulatory organization actions4 No
Has a self-regulatory organization or commodities exchange ever:
- E1Found you or an advisory affiliate made a false statement or omission?No
- E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
- E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
- FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
- GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings4 No
(1) Court actions
Has a domestic or foreign court:
- H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
- H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
- H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No
(2) Pending civil proceedings
- H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No
Additional DRP filings 4 source blocks
Verbatim excerpts from supporting DRP filings, which may concern the firm or advisory affiliates. Amounts retain their filed labels; no total or attribution is inferred.
regulatory · block 1PNC BANK, N.A.PDF pages 33–35
- Advisory affiliate name — filed text
- PNC BANK, N.A.
- Regulator name — filed text
- OFFICE OF THE COMPTROLLER OF THE CURRENCY
- Monetary/Fine Amount — filed text
- $ 207,245.00
- How was matter resolved — filed text
- Stipulation and Consent
Action status / disposition — filed text
PNC BANK, WITHOUT ADMITTING OR DENYING ANY WRONGDOING, CONSENTED AND AGREED TO AN ORDER FINDING THAT PNC BANK FAILED TO ADHERE TO THE REQUIREMENTS OF SECTION 102 OF THE FLOOD DISASTER PROTECTION ACT AND ITS IMPLEMENTING REGULATIONS IN CONNECTION WITH 125 COMMERCIAL LOANS.
Other filed details
Description of allegations — filed text
THE OCC ALLEGED THAT PNC BANK FAILED TO ADHERE TO THE REQUIREMENTS OF SECTION 102 OF THE FLOOD DISASTER PROTECTION ACT AND ITS IMPLEMENTING REGULATIONS IN CONNECTION WITH 125 COMMERCIAL LOANS.
Sanction detail — filed text
SEE RESPONSE TO 12.A. PAYMENT MADE ON OR ABOUT MAY 1, 2018.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: PNC BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF THE COMPTROLLER OF THE CURRENCY 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/01/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AA-EC-2018-11 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): PNC BANK, NATIONAL ASSOCIATION 6. Principal Product Type: Other Other Product Types: COMMERCIAL LOANS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE OCC ALLEGED THAT PNC BANK FAILED TO ADHERE TO THE REQUIREMENTS OF SECTION 102 OF THE FLOOD DISASTER PROTECTION ACT AND ITS IMPLEMENTING REGULATIONS IN CONNECTION WITH 125 COMMERCIAL LOANS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Stipulation and Consent 11. Resolution Date (MM/DD/YYYY): 05/01/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 207,245.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SEE RESPONSE TO 12.A. PAYMENT MADE ON OR ABOUT MAY 1, 2018. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). PNC BANK, WITHOUT ADMITTING OR DENYING ANY WRONGDOING, CONSENTED AND AGREED TO AN ORDER FINDING THAT PNC BANK FAILED TO ADHERE TO THE REQUIREMENTS OF SECTION 102 OF THE FLOOD DISASTER PROTECTION ACT AND ITS IMPLEMENTING REGULATIONS IN CONNECTION WITH 125 COMMERCIAL LOANS.
regulatory · block 2PNC BANK, N.A.PDF pages 35–37
- Advisory affiliate name — filed text
- PNC BANK, N.A.
- Regulator name — filed text
- OFFICE OF THE COMPTROLLER OF THE CURRENCY
- Monetary/Fine Amount — filed text
- $ 15,000,000.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
PNC BANK, WITHOUT ADMITTING OR DENYING ANY WRONGDOING, CONSENTED AND AGREED TO AN ORDER FINDING THAT PNC BANK FAILED TO ADHERE TO THE REQUIREMENTS OF SECTION 5 OF THE FEDERAL TRADE COMMISSION ACT IN CONNECTION WITH THE WAIVER OF CERTAIN FEES AND THE LINKING OF ACCOUNTS FOR OVERDRAFT PROTECTION TRANSFERS.
Other filed details
Description of allegations — filed text
THE OCC ALLEGED THAT PNC, NA BANK FAILED TO ADHERE TO THE REQUIREMENTS OF SECTION 5 OF THE FEDERAL TRADE COMMISSION ACT IN CONNECTION WITH THE WAIVER OF CERTAIN FEES AND THE LINKING OF ACCOUNTS FOR OVERDRAFT PROTECTION TRANSFERS.
Sanction detail — filed text
SEE RESPONSE TO 12.A. PAYMENT MADE ON OR ABOUT MAY 1, 2018.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: PNC BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF THE COMPTROLLER OF THE CURRENCY 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 05/01/2018 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AA-EC-2018-88 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): PNC BANK, NATIONAL ASSOCIATION 6. Principal Product Type: Other Other Product Types: DEPOSIT AND LINE OF CREDIT ACCOUNTS 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE OCC ALLEGED THAT PNC, NA BANK FAILED TO ADHERE TO THE REQUIREMENTS OF SECTION 5 OF THE FEDERAL TRADE COMMISSION ACT IN CONNECTION WITH THE WAIVER OF CERTAIN FEES AND THE LINKING OF ACCOUNTS FOR OVERDRAFT PROTECTION TRANSFERS. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 05/01/2018 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 15,000,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SEE RESPONSE TO 12.A. PAYMENT MADE ON OR ABOUT MAY 1, 2018. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). PNC BANK, WITHOUT ADMITTING OR DENYING ANY WRONGDOING, CONSENTED AND AGREED TO AN ORDER FINDING THAT PNC BANK FAILED TO ADHERE TO THE REQUIREMENTS OF SECTION 5 OF THE FEDERAL TRADE COMMISSION ACT IN CONNECTION WITH THE WAIVER OF CERTAIN FEES AND THE LINKING OF ACCOUNTS FOR OVERDRAFT PROTECTION TRANSFERS.
regulatory · block 3PNC BANK, N.A.PDF pages 37–39
- Advisory affiliate name — filed text
- PNC BANK, N.A.
- Regulator name — filed text
- COMMODITIES FUTURES TRADING COMMISSION
- Monetary/Fine Amount — filed text
- $ 300,000.00
- How was matter resolved — filed text
- Order
Action status / disposition — filed text
ON SEPTEMBER 30, 2019, THE COMMODITIES FUTURES TRADING COMMISSION (CFTC) FILED AND SETTLED CHARGES AGAINST PNC BANK, NATIONAL ASSOCIATION (PNC), A PROVISIONALLY REGISTERED SWAP DEALER, FOR FAILING TO COMPLY WITH PNC'S SWAP REPORTING OBLIGATIONS AS A SWAP DEALER. ACCORDING TO THE ORDER, PNC FAILED TO PROPERLY REPORT LEGAL ENTITY IDENTIFIERS, PRIMARY ECONOMIC TERMS, AND CONTINUATION DATA; FAILED TO FILE LARGE TRADER REPORTS FOR ITS PHYSICAL COMMODITY SWAPS; AND FAILED TO TIMELY REPORT CERTAIN TRADES. THE CFTC ORDER IMPOSES A $300,000 CIVIL MONETARY PENALTY ON PNC, AMONG OTHER SANCTIONS, FOR THESE REPORTING VIOLATIONS. THE ORDER RECOGNIZES PNC'S SELF-REPORTING BEFORE PNC KNEW THE FULL EXTENT OF ITS VIOLATIONS AND PNC'S FULL COOPERATION WITH THE CFTC DIVISION OF ENFORCEMENT, THE CFTC DIVISION OF SWAP DEALER AND INTERMEDIARY OVERSIGHT, AND THE CFTC DIVISION OF MARKET OVERSIGHT. THE ORDER ALSO RECOGNIZES PNC'S REMEDIATION OF ITS SWAPS REPORTING ISSUES BOTH ON AN ONGOING BASIS AND WITH RESPECT TO HISTORICAL REPORTS, INCLUDING TRANSACTIONS NO LONGER ON PNC'S BOOKS.
Other filed details
Description of allegations — filed text
ON SEPTEMBER 30, 2019, THE COMMODITIES FUTURES TRADING COMMISSION (CFTC) FILED AND SETTLED CHARGES AGAINST PNC BANK, NATIONAL ASSOCIATION (PNC), A PROVISIONALLY REGISTERED SWAP DEALER, FOR FAILING TO COMPLY WITH PNC'S SWAP REPORTING OBLIGATIONS AS A SWAP DEALER. ACCORDING TO THE ORDER, PNC FAILED TO PROPERLY REPORT LEGAL ENTITY IDENTIFIERS, PRIMARY ECONOMIC TERMS, AND CONTINUATION DATA; FAILED TO FILE LARGE TRADER REPORTS FOR ITS PHYSICAL COMMODITY SWAPS; AND FAILED TO TIMELY REPORT CERTAIN TRADES.
Sanction detail — filed text
$300,000 FINE. 100% OF THE PENALTY AGAINST CONTROL AFFILIATE PNC BANK, N.A.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: PNC BANK, N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) COMMODITIES FUTURES TRADING COMMISSION 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: CIVIL/ADMINISTRATIVE PENALTY(IES)/FINE(S) CEASE AND DESIST 3. Date Initiated (MM/DD/YYYY): 12/31/2017 Exact Explanation If not exact, provide explanation: PNC FIRST CONTACTED THE CFTC CONCERNING THIS ISSUE IN DECEMBER OF 2017. 4. Docket/Case Number: CFTC DOCKET NO. 19-43 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): PNC BANK, NATIONAL ASSOCIATION 6. Principal Product Type: Derivative(s) Other Product Types: 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): ON SEPTEMBER 30, 2019, THE COMMODITIES FUTURES TRADING COMMISSION (CFTC) FILED AND SETTLED CHARGES AGAINST PNC BANK, NATIONAL ASSOCIATION (PNC), A PROVISIONALLY REGISTERED SWAP DEALER, FOR FAILING TO COMPLY WITH PNC'S SWAP REPORTING OBLIGATIONS AS A SWAP DEALER. ACCORDING TO THE ORDER, PNC FAILED TO PROPERLY REPORT LEGAL ENTITY IDENTIFIERS, PRIMARY ECONOMIC TERMS, AND CONTINUATION DATA; FAILED TO FILE LARGE TRADER REPORTS FOR ITS PHYSICAL COMMODITY SWAPS; AND FAILED TO TIMELY REPORT CERTAIN TRADES. 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: FINAL If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Order 11. Resolution Date (MM/DD/YYYY): 09/30/2019 Exact Explanation If not exact, provide explanation: EXACT 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 300,000.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: 100% OF THE PENALTY AGAINST CONTROL AFFILIATE PNC BANK, N.A. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: $300,000 FINE. 100% OF THE PENALTY AGAINST CONTROL AFFILIATE PNC BANK, N.A. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). ON SEPTEMBER 30, 2019, THE COMMODITIES FUTURES TRADING COMMISSION (CFTC) FILED AND SETTLED CHARGES AGAINST PNC BANK, NATIONAL ASSOCIATION (PNC), A PROVISIONALLY REGISTERED SWAP DEALER, FOR FAILING TO COMPLY WITH PNC'S SWAP REPORTING OBLIGATIONS AS A SWAP DEALER. ACCORDING TO THE ORDER, PNC FAILED TO PROPERLY REPORT LEGAL ENTITY IDENTIFIERS, PRIMARY ECONOMIC TERMS, AND CONTINUATION DATA; FAILED TO FILE LARGE TRADER REPORTS FOR ITS PHYSICAL COMMODITY SWAPS; AND FAILED TO TIMELY REPORT CERTAIN TRADES. THE CFTC ORDER IMPOSES A $300,000 CIVIL MONETARY PENALTY ON PNC, AMONG OTHER SANCTIONS, FOR THESE REPORTING VIOLATIONS. THE ORDER RECOGNIZES PNC'S SELF-REPORTING BEFORE PNC KNEW THE FULL EXTENT OF ITS VIOLATIONS AND PNC'S FULL COOPERATION WITH THE CFTC DIVISION OF ENFORCEMENT, THE CFTC DIVISION OF SWAP DEALER AND INTERMEDIARY OVERSIGHT, AND THE CFTC DIVISION OF MARKET OVERSIGHT. THE ORDER ALSO RECOGNIZES PNC'S REMEDIATION OF ITS SWAPS REPORTING ISSUES BOTH ON AN ONGOING BASIS AND WITH RESPECT TO HISTORICAL REPORTS, INCLUDING TRANSACTIONS NO LONGER ON PNC'S BOOKS.
regulatory · block 4PNC BANK N.A.PDF pages 39–40
- Advisory affiliate name — filed text
- PNC BANK N.A.
- Regulator name — filed text
- OFFICE OF THE COMPTROLLER OF CURRENCY
- Monetary/Fine Amount — filed text
- $ 2,614,456.00
- How was matter resolved — filed text
- Consent
Action status / disposition — filed text
PNC BANK, WITHOUT ADMITTING OR DENYING ANY WRONGDOING, CONSENTED AND AGREED TO AN ORDER FINDING THAT PNC BANK FAILED TO ADHERE TO THE REQUIREMENTS OF 12 C.F.R. §22.7(A) (FORCE PLACEMENT OF FLOOD INSURANCE).
Other filed details
Description of allegations — filed text
THE OCC ALLEGED THAT PNC BANK, NA FAILED TO FORCE PLACE INSURANCE IN A TIMELY MANNER ON RESIDENTIAL DESIGNATED LOANS IN VIOLATION OF THE FLOOD DISASTER PROTECTION ACT (FLOOD ACT).
Sanction detail — filed text
SEE RESPONSE TO 12.A - PAYMENT MADE ON OR ABOUT JULY 18, 2022.
Full extracted filing text
Includes form instructions and options. Options shown in this text do not identify which boxes were selected.
GENERAL INSTRUCTIONS This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV. Regulatory Action Check item(s) being responded to: 11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5) 11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5) 11.E(1) 11.E(2) 11.E(3) 11.E(4) 11.F. 11.G. Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page. One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP. PART I A. The person(s) or entity(ies) for whom this DRP is being filed is (are): You (the advisory firm) You and one or more of your advisory affiliates One or more of your advisory affiliates If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box. ADV DRP - ADVISORY AFFILIATE CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No Name: PNC BANK N.A. (For individuals, Last, First, Middle) This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser. This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor. If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago. This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided. Yes No NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records. PART II 1. Regulatory Action initiated by: SEC Other Federal State SRO Foreign (Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) OFFICE OF THE COMPTROLLER OF CURRENCY 2. Principal Sanction: Civil and Administrative Penalt(ies) /Fine(s) Other Sanctions: 3. Date Initiated (MM/DD/YYYY): 07/18/2022 Exact Explanation If not exact, provide explanation: 4. Docket/Case Number: AA-ENF-2022-23 5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable): PNC BANK, N.A. 6. Principal Product Type: Other Other Product Types: FLOOD ACT INSURANCE 7. Describe the allegations related to this regulatory action (your response must fit within the space provided): THE OCC ALLEGED THAT PNC BANK, NA FAILED TO FORCE PLACE INSURANCE IN A TIMELY MANNER ON RESIDENTIAL DESIGNATED LOANS IN VIOLATION OF THE FLOOD DISASTER PROTECTION ACT (FLOOD ACT). 8. Current Status? Pending On Appeal Final 9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed: If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only. 10. How was matter resolved: Consent 11. Resolution Date (MM/DD/YYYY): 07/18/2022 Exact Explanation If not exact, provide explanation: 12. Resolution Detail: A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 2,614,456.00 Revocation/Expulsion/Denial Disgorgement/Restitution Censure Cease and Desist/Injunction Bar Suspension B. Other Sanctions Ordered: Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: SEE RESPONSE TO 12.A - PAYMENT MADE ON OR ABOUT JULY 18, 2022. 13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided). PNC BANK, WITHOUT ADMITTING OR DENYING ANY WRONGDOING, CONSENTED AND AGREED TO AN ORDER FINDING THAT PNC BANK FAILED TO ADHERE TO THE REQUIREMENTS OF 12 C.F.R. §22.7(A) (FORCE PLACEMENT OF FLOOD INSURANCE).
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