The Consumer Financial Protection Bureau just announced that it ordered TD Bank to pay $28 million in fines and in consumer redress over the bank’s credit reporting practices. It is the CFPB’s second enforcement action against TD Bank.
“For years, the bank repeatedly shared inaccurate, negative information about its customers to consumer reporting companies. The information included systemic errors about credit card delinquencies and bankruptcies,” the Bureau said in its release. According to the CFPB, TD Bank failed to fix its credit card reporting errors, shared information about potentially fraudulent accounts as if it belonged to the bank’s customers, and failed to investigate and resolve consumer disputes.
TD Bank is ordered to pay ~$8 million in redress to “tens of thousands” consumers affected by its unlawful behavior and $20 million to the CFPB’s victims’ relief fund.
Consumer Financial Protection Bureau, Credit Reporting
CFPB fines TD Bank $28M for wrongful credit reporting practices
