CFPB Orders TD Bank to Pay $28 Million Over Faulty Consumer Credit Reports

Sep 11, 2024, 01:48 PM

TD Bank has been ordered by the U.S. Consumer Financial Protection Bureau (CFPB) to pay nearly $28 million in fines and restitution. The penalty comes after the bank was found to have repeatedly shared inaccurate, negative, and fraudulent information about tens of thousands of U.S. customers with credit reporting agencies. This misinformation potentially tarnished the credit scores of affected individuals. CFPB Director Rohit Chopra criticized the bank for barely lifting a finger to rectify the situation once it was discovered. The CFPB described the issue as illegal breakdowns in the bank's reporting processes.