Consumer Financial Protection Bureau accuses TD Bank for repeatedly putting its customer’s ability to obtain credit, employment and housing at risk.
According to the US Financial regulator, TD Bank shared inaccurate, negative information about its customers for many years with consumer reporting agencies, thereby jeopardizing creditworthiness and other human endeavors such as employment, housing, and home ownership.
The inaccurate information provided by TD Bank was about credit cards and bank accounts that were opened fraudulently. TD Bank had knowledge or suspicion of this. The bank took too long to fix many of the errors it made after it realized that it had been misreporting to consumer reporting agencies. .”
The CFPB has ordered TD Bank to compensate tens and thousands of customers in the amount of $7.76million. TD Bank also agreed to pay a $20 million penalty towards the Consumer Financial Protection Bureau’s Victim Relief Fund.
Credit cards were the subject of some inaccurate information and bad reports that TD Bank provided to consumer reporting companies.
TD Bank provided inaccurate information to companies that provide consumer reports about the credit cards of its customers. The bank did not correct their mistakes, even though they knew that the information it sent to consumer reporting companies was incorrect. In certain instances, TD Bank provided inaccurate information regarding credit card delinquencies. The bank also shared inaccurate information in other cases, making it appear that accounts were still active when customers had closed them .”
According to the CFPB TD Bank shared information about fraudulent accounts with some customers that were either suspected of or confirmed as victims.
According to the Financial Regulator, TD Bank failed to “investigate consumer complaints and resolve them adequately”.
TD Bank failed to have adequate processes to investigate complaints from consumers and diverted its resources to investigating other aspects of the business. The bank, amongst other things, did not conduct timely and reasonable investigations into consumer complaints, sometimes even by omitting to do so. After deciding that a consumer dispute was frivolous, or irrelevant .”
According to the Federal Reserve, TD Bank Cherry Hill in New Jersey boasts assets totaling slightly more than $370 billion.
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As new information becomes available, this post Billion Dollar Bank to Pay $27.760,000 fine for Allegedly Putting Customers’ Employment, Housing, and Credit in Risk could be updated.
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