The CFPB ordered TD Bank to pay $28 million for providing inaccurate consumer credit information, which could damage consumers' credit reports and their financial credibility.
CFPB Director Rohit Chopra stated, 'TD Bank illegally threatened the consumer reports of its customers with fraudulent information and then barely lifted a finger to fix it.'
Despite identifying fraudulent deposit account openings, TD Bank continued to report inaccurate information for over a year, jeopardizing consumer credit integrity.
TD Bank acknowledged the issues, asserting they cooperated and voluntarily improved their practices, but did not admit or deny wrongdoing in this case.
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