Violation Tracker Global

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Violation Tracker Global: Individual Record

Company: Canadian Imperial Bank of Commerce
Current Parent Company: Canadian Imperial Bank of Commerce
Parent at the Time of the Penalty Announcement: Canadian Imperial Bank of Commerce
Jurisdiction: Canada
Region: North America
Penalty Currency: Canadian dollar
Penalty Amount in Original Currency: 3,000,000
U.S. Dollar Equivalent at the Time of the Penalty Announcement: $2,272,452
Year: 2023
Date: June 22, 2023
Agency: Financial Consumer Agency of Canada
Offense Group: consumer-protection-related offenses
Offense Category: consumer protection violation
Description: FCAC Staff alleged that the Canadian Imperial Bank of Commerce (CIBC) had violated the Cost of Borrowing (Banks) Regulations, as it applied at the time of the violation, by not transferring some transactions to the new credit card statement once a lost, stolen or defrauded credit card had been deactivated. The Commissioner agreed that the violation had occurred and imposed a penalty of C$3 million.
HQ Country of Current Parent: Canada
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
VTG Record ID: VTG24-68672