MEMPHIS, Tenn. — Three US lawmakers are looking to block a merger between Memphis-based First Horizon and TD Bank Group.
The lawmakers, all Democrats, cited a report from last month that mentioned abusive practices by TD Bank Group.
They argued that any merger should be blocked until the Canadian-based bank group is held responsible for those practices.
The lawmakers turned to a report claiming that TD incentivizes employees to push customers into overdraft protection and has threatened them with lost bonuses and even firing if they fail to meet those goals.
TD Bank said Wednesday that the claims are unfounded.