Following an investigation by the Consumer Financial Protection Bureau ("CFPB"), TD Bank has been ordered to pay $28 million in redress and penalties due to its failure to correct errors that harmed consumers' credit profiles, and limited their access to housing, and even employment opportunities.
The CFPB’s findings revealed that TD Bank provided incorrect data on credit card delinquencies and personal bankruptcies, and even reported fraudulent account activity. These actions damaged the financial reputations of consumers, making it harder for them to secure the opportunities they deserve.
Steven Amshen, Partner at Petroff Amshen LLP, emphasizes the importance of holding financial institutions accountable: “Consumers rely on banks to accurately report their financial information, and when that trust is broken, it can cause serious harm. Petroff Amshen LLP is here to support those affected by TD Bank’s practices and ensure their rights are protected and their credit scores are improved.”
Petroff Amshen LLP has extensive experience in handling cases involving identity theft, fraudulent accounts, and false bankruptcies. The firm uses federal and state consumer protection laws to act against financial institutions that engage in negligent or deceptive practices.
