CFPB Reaches $30M Settlement With TCF National Bank
The settlement is the CFPB's first in a pending case under the tenure of the CFPB's interim leader, Mick Mulvaney, who has criticized past enforcement actions for “pushing the envelope.”
July 20, 2018 at 05:02 PM
2 minute read
Bureau of Consumer Financial Protection offices in Washington, D.C. Photo: C. Ryan Barber/ALM TCF National Bank has agreed to pay $30 million to resolve allegations that it misled consumers about overdraft services, a year-and-a-half after the Consumer Financial Protection Bureau sued the bank in federal court amid a frenzy of enforcement activity leading up to President Donald Trump's inauguration. A CFPB spokesman confirmed that Blankenstein was recused from the case, saying he “had no engagement in the resolution.” The CFPB announced the settlement Friday a press release. In January 2017, under the leadership of former CFPB Director Richard Cordray, the bureau announced its lawsuit with extensive details about how TCF National Bank relied on fee revenue from overdraft services “to a greater degree than most other banks its size.” The 2017 announcement of the lawsuit also included a colorful quote in which the bureau's former leader accused the bank of “tricking consumers into costly overdraft services in order to preserve its bottom line.”
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