The Globe and Mail reports in its Monday edition that U.S. bank regulators have ordered Canadian Imperial Bank of Commerce to pay a $30-million (U.S.) penalty to the Commodity Futures and Trading Commission and an additional $12-million (U.S.) to the Securities and Exchange Commission. The Globe's John Turley-Ewart writes that these penalties were imposed after the agencies found that CIBC staff were "communicating using unapproved communication methods, including messages sent via personal text." The regulators announced the penalties last week, marking CIBC as the last of Canada's major banks to be penalized in the United States for such conduct. The commodities regulator pointed out the main issue at CIBC: Some of the supervisory staff responsible for enforcing CIBC's policies and procedures were also using unapproved communication methods. In essence, the compliance officials not only failed to enforce the rules but also broke the rules themselves. CIBC's violations breached record-keeping provisions in U.S. securities laws and Canadian bank supervisory guidelines. However, any actions taken in Canada regarding CIBC's rule-breaking remain undisclosed, as Canadian legislation deems such information confidential.