TCF FINANCIAL CORPORATION (NYSE:TCB) Files An 8-K Other EventsItem 8.01. Other Events.
On July 20, 2018, TCF Financial Corporation’s wholly-owned subsidiary TCF National Bank ("TCF Bank") entered into a Stipulated Final Judgment and Order (the "BCFP Settlement") with the Bureau of Consumer Financial Protection, formerly known as the Consumer Financial Protection Bureau (the "BCFP"), to resolve the BCFP’s outstanding litigation captioned Consumer Financial Protection Bureau v. TCF National Bank related to TCF Bank’s opt-in practices, and has entered into a Consent Order and a Consent Order For a Civil Money Penalty and related stipulations (collectively, the "OCC Consent Orders") with the Office of the Comptroller of the Currency (the "OCC") to resolve related regulatory issues with the OCC (collectively, the BCFP Settlement and the OCC Consent Orders are referred to herein as the "Consent Agreements"). The Consent Agreements provide, among other things, for TCF Bank to submit a restitution plan to the BCFP and OCC to which TCF Bank will pay restitution in the total amount of $25.0 million to certain current and former customers of TCF Bank who opted-in to TCF’s overdraft service between January 1, 2010 and December 31, 2013 and who paid overdraft fees to TCF Bank. It also requires a notice to certain customers opted-in to overdraft service reminding them of their current opt-in choice. The Consent Agreements also provide that TCF Bank shall pay $5.0 million in civil money penalties, $3.0 million of which shall be paid to the OCC and $2.0 million of which shall be paid to the BCFP. In addition, TCF Bank expects to incur approximately $2.0 million in administrative costs related to the administration of the restitution plan required under the Consent Agreements. The financial impact of the Consent Agreements will be reflected in TCF Financial Corporation’s second quarter results.
A copy of the media statement issued by the Company is included as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Description |
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99.1 |
Media Statement issued July 20, 2018
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TCF FINANCIAL CORP ExhibitEX-99.1 2 mediastmtbcfpocc.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 MEDIA STATEMENTTCF Financial Corporation • 200 Lake Street E • Wayzata,…To view the full exhibit click here
About TCF FINANCIAL CORPORATION (NYSE:TCB)
TCF Financial Corporation (TCF) is a bank holding company. The Company’s principal subsidiary is TCF National Bank (TCF Bank). The Company operates in three segments: Lending, Funding and Support Services. Its Lending segment includes consumer real estate, commercial real estate and business lending, leasing and equipment finance, inventory finance and auto finance. Its Funding segment includes branch banking and treasury services, which includes the Company’s investment and borrowing portfolios and management of capital, debt and market risks, including interest rate and liquidity risks. Its Support Services segment includes Holding Company and corporate functions that provide data processing, bank operations and other professional services to the operating segments. TCF Bank operates bank branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona, South Dakota and Indiana. TCF delivers retail banking products in over 40 states.