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TCF Financial responds to CFPB notice of possible legal action

Wayzata, Minn.-based TCF Financial Corp. has responded to a notice from theConsumer Financial Protection Bureau regarding possible legal action.

The CFPB sent TCF Financial a in October 2015 regarding the administration of opt-inrequirements for its checking account overdraft programs. The purpose of theletter is to ensure that subjects of potential enforcement actions have anopportunity to present their side before an action is taken. TCF Financial saidin its Form 10-K filed Feb. 29 that it sent the regulator a written statementexplaining why it believes there should be no enforcement action.

The company is in discussions with the CFPB on the matter,the filing added.