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TD faces scrutiny over First Horizon Bank acquisition ahead of public meeting

Memphis-based First Horizon Bank acquisition offer by TD Bank Groupopens Thursday to community members It's a question before the meeting. A forum for expressing opinions on trading.

A virtual meeting is being jointly convened by the Federal Reserve and the US Office of the Comptroller of the Currency to review a proposed $13.4 billion transaction.

The meeting comes as TD faces fresh criticism in recent months over alleged aggressive sales strategies in the United States. Senator Elizabeth Warren has called for the merger to be blocked until the banks "take responsibility for it." abusive practices.

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TD agreed to a US$122 million settlement with US regulators in 2021 resulting from illegal overdraft practices, announced in May The investigative report alleged that problematic practices persisted at the bank, which the bank vehemently denied.

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The federal agency also announced in mid-July that Bank of the West's $16.3 billion Held a public meeting for the proposed acquisition. The group called for the deal to be blocked until a strong agreement is reached that it will benefit the community.

The bank also faced criticism for the proportionately lower number of mortgages given to black and Latino borrowers, although many community groups funded by BMO has endorsed the transaction.

© 2022 The Canadian Press