"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.
The Consumer Financial Protection Bureau said that for several years, TD repeatedly provided inaccurate account information, including errors about personal bankruptcies and credit card delinquencies.
The payout includes a $20 million US civil fine, plus $7.76 million US of restitution to tens of thousands of customers.
The bank also took 'far too long' to correct many mistakes, and did not investigate and resolve some consumer disputes because it had diverted resources to other parts of its business.
#td-bank #consumer-financial-protection-bureau #credit-reporting #financial-mistakes #regulatory-fines
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