CFPB settles $28M with TD Bank over credit misreporting, paying $7.76M to consumers and a $20M penalty.
The Consumer Financial Protection Bureau (CFPB) has reached a $28 million settlement with TD Bank over consumer credit misreporting, violating the Fair Credit Reporting Act. The bank will pay $7.76 million to affected customers and a $20 million penalty. This follows a $122 million settlement in 2020 for illegal overdraft practices. The CFPB's actions, including a $100 million penalty against Navient, reflect strong public support for financial regulation, with 91% of voters endorsing consumer protection measures.
September 23, 2024
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