TD Bank fined by U.S. regulators for faulty consumer reports [Video]

The U.S. Consumer Financial Protection Bureau has ordered TD Bank Group to pay US$28 million for repeatedly sharing inaccurate, negative information about its customers in the latest reprimand of the bank by regulators. 

The U.S. regulator said Wednesday that TD has to pay US$7.76 million in total to tens of thousands of victims of its illegal actions, along with a US$2-million civil penalty.

It says TD shared information that contained systemic errors with consumer reporting companies, potentially tarnishing credit reports, screening reports for tenants and employees and other background checks. 

“The CFPB’s investigation found that 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.

“TD Bank’s management clearly cared more about growth and expanding its empire through mergers. Regulators will need to focus major attention on TD Bank to …