TCF Financial faces possible legal action from the Consumer Financial Protection Bureau over a policy tied to the Wayzata, Minn., company’s overdraft fees.
The $20 billion-asset TCF disclosed in a
The CFPB said in its letter to TCF that the agency is looking into possible issues tied to "compliance with laws relating to unfair, deceptive and abusive acts and practices."
The letter offered TCF an opportunity to make a written statement providing reasons why the CFPB should not pursue legal action. TCF said it is in the process of preparing its position and issuing a written statement to the CFPB.
"We are currently unable to predict the ultimate timing or outcome of this matter," the filing said.
TCF has tussled with regulators in the past over issues tied to fees. The company
A recent study by Compass Point also estimated that