10:17 AM EDT, 09/11/2024 (MT Newswires) -- Toronto-Dominion Bank's ( MLWIQXX ) TD Bank unit was ordered by the US Consumer Financial Protection Bureau to pay about $27.8 million for allegedly sharing inaccurate and negative information about its customers to consumer reporting companies, the CFPB said Wednesday.

The information, which included systemic errors about credit card delinquencies and bankruptcies, potentially tarnished consumer reports, the CFPB said.

The regulator said the bank was aware of many of the inaccuracies for over a year before fixing them.

Of the $27.8 million amount that TD Bank was ordered to pay, about $7.8 million will be paid in redress to affected consumers, with the remaining $20 million a civil money penalty that will be paid to the CFPB, the regulator said.

"Long before this settlement, TD self-identified these matters and voluntarily and proactively implemented enhancements to our furnishing and dispute handling practices," a TD spokesperson said in a statement to MT Newswires. "TD cooperated fully to resolve this matter and is committed to continuing to deliver on its responsibilities to its customers."

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