TCF Financial (TCB) in Wayzata, Minn., has delayed the release of its third-quarter results to give itself more time to review how it will implement regulatory guidance on consumer loans subject to bankruptcy discharge.
The $17.9 billion-asset company was set to release its results and host a conference call on Friday morning. Instead, the company will push those events back by a week, TCF said after the market closed on Thursday.
The Office of the Comptroller of Currency ordered banks in June to
Citigroup (NYSE: C), JPMorgan Chase (JPM) and Wells Fargo (WFC) are among the banking companies that have already reported higher chargeoffs due to the change. KBW's Keefe, Bruyette & Woods had also identified TCF as being at risk for higher chargeoffs.
TCF's shares were trading at $10.55 Friday morning, down more than 4% from Thursday's closing.