TD Bank Fined $28 Million for Inaccurate Consumer Data Reporting

The CFPB found that TD Bank shared false information about tens of thousands of U.S. customers, affecting their credit, employment, and housing prospects.

• TD Bank will pay $28 million in restitution and penalties for sharing inaccurate consumer information with reporting agencies.
• The Consumer Financial Protection Bureau (CFPB) discovered that TD Bank reported false data, including bankruptcies and fraudulent accounts.
• The inaccurate information impacted consumer reports used for credit, job, and tenant screenings, harming individuals' prospects.
• TD Bank agreed to pay $7.76 million to affected consumers and a $20 million civil penalty, while also committing to improve reporting practices.
• This is the second major action against TD Bank by the CFPB, following a $97 million restitution and $25 million fine in 2020 for illegal overdraft practices.

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