The agency representing U.S. financial consumers has ordered Toronto-based TD Bank to pay $28 million (U.S.) for repeatedly sharing "inaccurate" and "negative" information about its customers to credit bureaus, potentially harming the credit scores of thousands of consumers.
The Consumer Financial Protection Bureau (CFPB) said in a statement on Wednesday that, for years, the bank reported systemic errors about credit card delinquencies and bankruptcies to providers of consumer reports such as Equifax and TransUnion, which also operate in Canada.
Other times, it alleges the bank gave them information about accounts it knew or suspected were fraudulent.
The bureau added that the bank was aware of many of these inaccuracies, but took "far too long" to correct them sometimes longer than a year.
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Denne historien er fra September 12, 2024-utgaven av Toronto Star.
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Microsoft, Vodafone sign Office AI deal
Telecommunications firm purchasing 68,000 licences for corporate versions of Copilot assistant to boost productivity
Expanded pipeline opens new markets
Reliance on U.S. has been reduced
Tupperware Brands plans to enter court protection
Tupperware Brands is preparing to file for bankruptcy as soon as this week, according to people with knowledge of the plans, following a years-long effort to revive the business amid waning demand.
Experts wary of Ottawa's back-to-work circumvention
Some fear use of Section 107 of labour code could remove incentive for employers to reach a deal
Companies dropping ball on payments
Report finds overall debt held by businesses up 12.8% to hit $33.8 billion
Watchdog probes cost of stocking stores early
Critics say provincial tab could be 3 or 4 times Ford's estimated $225M
Dhaliwal realizing his dream at home
Canada opens 90-over event with victory over Nepal
Down year better after a banner
The Blue Jays and Rangers are set for another mid-September matchup, the second in as many seasons, but this series won't have quite the same intensity as the last.
Clark playoff bound, but who will she play?
Six seedings still to be determined with post-season less than a week away
Blueliner remembers Salming and eyes second ring
Ekman-Larsson arrives with a sense of history, purpose