Financial watchdog says Toronto-Dominion Bank shared incorrect info for thousands of its U.S. customers with consumer reporting companies.
The American subsidiary of Canada's Toronto-Dominion Bank will pay nearly $28 million in restitution and penalties for allegedly giving incorrect information about tens of thousands of U.S. customers to consumer reporting companies, potentially damaging their credit record.
Director Rohit Chopra said in a statement.According to a consent order filed Wednesday, TD Bank agreed to pay nearly $7.8 million to consumers impacted by its fraudulent or inaccurate reports, along with a $20 million civil penalty. The company also agreed to an array of measures to improve its reporting and compliance practices.
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