Consumers may have had TD Bank checking accounts opened in their name without their consent, similar to the Wells Fargo fake account scandal.

Following the blowout news that Wells Fargo employees had opened millions of accounts without consumer consent, the Office of the Comptroller of the Currency (OCC) initiated a wide investigation into 40 large and midsize banks to monitor for the creation of fake bank accounts and the violation of other banking regulations.

In June 2018, the results of this investigation were reported by American Banker – but not with the specificity that some might hope.

According to American Banker, the OCC issued five industry wide warnings after their investigation, and 250 issues were identified for resolution at individual banks. Despite taking regulatory action, the OCC reportedly plans not to reveal the identities of the banks who committed violations.

Additionally, the office reportedly will not reveal why they are keeping such a tight lip about the investigation results. However, a representative assured American Banker that the issues have been resolved.

“Most banks took timely actions during the review to address weaknesses in policies, procedures, and controls; incentive programs; and their risk governance frameworks,” OCC spokesman Bryan Hubbard told American Banker in an email. “As a result, systems and controls in these banks are now better integrated and more apt to identify inappropriate sales activities in a timely manner.”

Hubbard reportedly revealed that federal office found instances of fake bank accounts being opened without consumer consent – similar to the Wells Fargo scandal. The most common motivating factors were reportedly “short-term sales promotions without adequate risk controls, deficient account opening and closing procedures, and isolated instances of employee misconduct.”

“When unauthorized account opening or other inappropriate sales practices occurred, banks have already taken — or are in process of taking — remedial action,” Hubbard said, according to the American Banker.

It is heartening to know that banks are resolving the identified issues, but many remain unsatisfied with the lack of information. Politicians are among the individuals concerned with the lack of disclosure, according to the New York Post in an article from June 2018.

Some have expressed concern that not naming the banks involved will increase the chance that banks will continue to commit violations.

“You did this whole study and then you never named anybody […] I’m not seeing an approach from OCC that would curtail other banks from following in this type of conduct,” said Rep. Stephen Lynch of the House Financial Services Committee, according to the New York Post.

Attorneys have taken matters into their own hands and have started an investigation into the policies surrounding the creation of TD Bank checking accounts and those at other banks.

Banks and credit unions included in the private investigation include Bank of America, BOK Financial, Capital One, HSBC, Royal Bank of Canada, and TD Bank. If consumers believe they had TD Bank checking accounts and other accounts opened without their express consent, they may be able to take legal action.