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: 1,225,000
U.S. Dollar Equivalent at the Time of the Penalty Announcement: $929,991
Year: 2020
Date: August 20, 2020
Agency: Financial Consumer Agency of Canada
Offense Group: consumer-protection-related offenses
Offense Category: consumer protection violation
Description: The FCAC alleged that the Canadian Imperial Bank of Commerce (CIBC) committed five violations of the Cost of Borrowing (Banks) Regulations for non-compliant disclosure of fees and other charges relating to credit card products between 2003 and 2018. The Commissioner found that CIBC committed these violations as alleged and imposed a total penalty of C$1,225,000.
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: VTG24-68678