TD to Pay $28 Million for Sharing Inaccurate US Consumer Data

Toronto-Dominion Bank will pay almost $28 million in fines and restitution after the Consumer Financial Protection Bureau said the lender shared inaccurate information about tens of thousands of US customers with consumer reporting companies.

A CFPB investigation found the information included personal bankruptcies and credit card delinquencies as well as bank accounts that “TD Bank knew or suspected were fraudulently opened,” the agency said in a statement Wednesday. “After the bank realized it was botching its reporting to consumer reporting companies, it took far too long to correct many of its errors.”

The information TD shared was for a range ...