US Regulator Fines TD Bank US$28M for Faulty Consumer Reports

Published on September 11, 2024

The U.S. Consumer Financial Protection Bureau has ordered TD Bank Group to pay US$28 million for repeatedly sharing inaccurate, negative information about its customers in the latest reprimand of the bank by regulators. The U.S. regulator said Wednesday that TD has to pay US$7.76 million in total to tens of thousands of victims of its illegal actions, along with a US$2-million civil penalty. It says TD shared information that contained systemic errors with consumer reporting companies, potentially tarnishing credit reports, screening reports for tenants and employees and other background checks. “The CFPB’s investigation found that TD Bank illegally threatened the consumer reports of its customers with fraudulent information and then barely lifted a finger to fix it,” CFPB director Rohit Chopra said in a statement....

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