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: 5,600,000
U.S. Dollar Equivalent at the Time of the Penalty Announcement: $4,125,570
Year: 2022
Date: October 27, 2022
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) committed three violations of the Cost of Borrowing (Banks) Regulations between 2001 and 2020 for failing to accurately disclose security registration, search and renewal fees for fixed interest loans secured by movable property or investments, variable interest rate loans secured by movable property and investments, and investment secured personal lines of credit. The Commissioner found that CIBC had committed these violations as alleged and imposed a penalty for each violation for a total amount of $5.6 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: VTG24-68674