Detroit-based Comerica Inc. on Tuesday confirmed it is the subject of an enforcement action by the Securities and Exchange Commission.
The New York office of the SEC is taking action against Comerica for alleged violations of the Federal Reserve Board's margin regulations, in connection with a customer's custodial account," the banking company disclosed in recent SEC filings.
Comerica spokeswoman Sharon McMurray declined further explanation. A spokeswoman for the SEC said the agency could not comment on the matter.
In a recent disclosure, the $28 5 billion-asset banking company said it had reached a tentative settlement with the SEC and expected to sign a definitive agreement by yearend.
In the proposed settlement, "Comerica neither admits nor denies liability, agrees to adopt policies and procedures designed to prevent the possible occurrence of violations in the future, [agrees to] injunctive relief against future violations, and [agrees to make] payment or a fine which [will not be] material to Comerica."