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1PNC Bank also is subject to OCC guidelines that establish standards for recovery planning. These guidelines require a covered bank to 2develop and maintain a recovery plan that is evaluated and updated annually that, among other things, identifies a range of options that 3could be undertaken by the covered bank to restore its financial strength and viability should identified triggering events occur. The 4recovery plan guidelines are enforceable in the same manner as the other guidelines the OCC has established.5CFPB Regulation and Supervision. The CFPB examines PNC and PNC Bank for compliance with a broad range of federal consumer 6financial laws and regulations, including the laws and regulations that relate to deposit products, credit card, mortgage, automobile, 7student and other consumer loans, and other consumer financial products and services that we offer. The consumer financial protection 8laws that are subject to the CFPB’s supervision and enforcement powers include, among others, the Truth in Lending Act, Truth in 9Savings Act, Home Mortgage Disclosure Act, Fair Credit Reporting Act, Electronic Funds Transfer Act, Real Estate Settlement 10Procedures Act, Fair Debt Collections Practices Act, Equal Credit Opportunity Act and Fair Housing Act. The CFPB also has 11authority to take enforcement actions to prevent and remedy acts and practices relating to consumer financial products and services 12that it deems to be unfair, deceptive or abusive, and to impose new disclosure requirements for any consumer financial product or 13service.14The CFPB may issue regulations that impact products and services offered by PNC or PNC Bank. The CFPB has engaged in 15rulemakings that affect, among other things, credit card late fees, overdraft fees, data collection and reporting requirements for small 16business lenders such as PNC Bank, and personal financial data rights.17Securities and Derivatives Regulation18PNC, as a public company, is subject to the Exchange Act’s reporting requirements and related regulations and must file certain 19reports with the SEC on an ongoing basis. Our registered broker-dealers and investment adviser subsidiaries are subject to the 20Exchange Act, and the Investment Advisers Act of 1940, respectively, and related rules and regulations promulgated by the SEC. 21These rules, for example, require that broker-dealers and investment advisers act in a customer’s best interest when making investment 22recommendations to retail customers, which includes managing conflicts of interest, providing required disclosures and exercising a 23duty of care in making investment recommendations. FINRA is the primary self-regulatory organization for our registered broker-24dealer subsidiaries. Our broker-dealer and investment adviser subsidiaries also are subject to additional regulation by states or local 25jurisdictions.26The SEC and FINRA have active enforcement functions that oversee broker-dealers and investment advisers and can bring actions that 27result in fines, restitution, a limitation on permitted activities, disqualification to continue to conduct certain activities and an inability 28to rely on certain favorable exemptions. Certain types of infractions and violations also can affect our ability to expeditiously issue 29new securities into the capital markets. In addition, certain changes in the activities of a broker-dealer require approval from FINRA, 30and FINRA takes into account a variety of considerations in acting upon applications for such approval, including internal controls, 31capital levels, management experience and quality, prior enforcement and disciplinary history and supervisory concerns.32The CFTC regulates swap dealers, other than security-based swap dealers, which are regulated by the SEC. PNC Bank is registered as 33a swap dealer with the CFTC. Because of the limited volume of our security-based swap dealing activities, PNC Bank has not 34registered (and currently does not intend, and is not required, to register) with the SEC as a security-based swap dealer.35PNC Bank’s derivatives and foreign exchange businesses are subject to the regulations and requirements imposed on CFTC-registered 36swap dealers, and the CFTC (and for certain delegated responsibilities, the National Futures Association) has a meaningful 37supervisory role with respect to PNC Bank’s derivatives and foreign exchange businesses. The CFTC’s regulations are intended to (i) 38address systemic risk issues, (ii) bring greater transparency to the derivatives and foreign exchange markets, (iii) provide enhanced 39disclosures and protections to customers and (iv) promote market integrity. Among other things, these regulations (i) require that, 40absent certain specified exemptions, most standardized swaps be centrally cleared through a regulated clearing house and be traded on 41a centralized exchange or swap execution facility; (ii) subject PNC Bank to comprehensive recordkeeping, regulatory reporting and 42real-time public reporting requirements; (iii) subject PNC Bank to various business conduct requirements, including the provision of 43daily marks to counterparties and disclosing to counterparties (pre-execution) the material risks, material incentives and any conflicts 44of interest associated with their swap; and (iv) impose special duties on PNC Bank when transacting a swap with a “special 45entity” (e.g., governmental agency (federal, state or local) or political subdivision thereof, pension plan or endowment). Because PNC 46Bank is a prudentially regulated swap dealer, PNC Bank is subject to the OCC’s capital requirements and margin requirements on 47certain swaps that are not centrally cleared through a regulated clearing house.48The regulations and requirements applicable to PNC Bank, as a provisionally registered CFTC swap dealer, impose compliance 49burdens on PNC Bank and introduce additional legal risks (including as a result of applicable anti-fraud and anti-manipulation 50provisions and private rights of action). In addition, failure to comply with the “pay-to-play” regulations that govern our swap and 51municipal securities businesses could result in limitations on PNC Bank’s ability to conduct swap and municipal securities business 52with state or local governments and their authorities.53 54The PNC Financial Services Group, Inc. –  2023 Form 10-K  11