Some of TD Bank’s alleged abusive practices include interfering with consumers’ ability to understand the DCA terms and conditions, and requiring new customers to sign its overdraft notice with the “enrolled” option pre-checked without mentioning the DCA service to the consumer at all
The CFPB further alleged that TD Bank violated the Fair Credit Reporting Act (FCRA) and its implementing Regulations. Its violation was due to its failure to establish and implement reasonable written policies and procedures concerning the accuracy and integrity of information submitted to nationwide specialty consumer reporting agencies (NSCRAs). The bank also allegedly failed to conduct timely investigations into indirect disputes regarding NSCRA submissions
TD Bank disagreed with CFPB’s conclusions but cooperated to resolve the matter
In a statement, TD Bank explained that its settlement with the CFPB largely addressed certain disclosure and enrollment processes for consumers who enrolled in the DCA service between 2014 and 2018.
