American Banker: Warren slams DOJ for side-stepping tougher action against TD

Sen. Elizabeth Warren, D-Mass., is blasting the Department of Justice for not punishing TD Bank Group more harshly over the Canadian bank's money-laundering failures in the United States.

Law-enforcement officials and regulators hit the Toronto-based bank's U.S. subsidiary with a record $3.09 billion fine and asset-cap handcuffs earlier this month in a novel money-laundering case. But the penalties imposed by the DOJ don't go far enough, Warren said Wednesday in a letter seen by American Banker.

In the letter, sent to Attorney General Merrick Garland and Deputy Attorney General Lisa Monaco, Warren pressed them to explain why the DOJ hasn't yet charged top TD executives for their culpability in the bank's crimes.

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