NEW YORK, Jan. 23, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential misconduct at TCF Financial Corporation ("TCF" or the "Company") (NYSE: TCB).
The investigation focuses on whether the Company's Board of Directors and/or its officers committed mismanagement and breached their fiduciary duties in connection with the Company's overdraft protection program. On January 19, 2017, the Consumer Financial Protection Bureau ("CFPB") filed a complaint against TCF National Bank ("TCF National"), the Company's principal subsidiary, alleging that the Company "devised and then executed a strategy to persuade its customers to opt in [to TCF National's overdraft service]." According to an article by The Wall Street Journal ("WSJ"), "[a] Federal Reserve rule that took effect in 2010 prohibited banks from charging overdraft fees for ATM withdrawals or most debit card transactions unless the consumer has signed up for such services ahead of time." The WSJ article also stated that "[t]he CFPB alleges that [TCF National] designed its account application process to obscure fees and make overdraft seem mandatory for new customers to open accounts despite federal rules requiring banks to receive customer consent before enrolling them into such programs."
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If you currently own TCF stock and would like to discuss your legal rights, please visit www.faruqilaw.com/TCB. You can also contact us by calling Nina Varindani toll free at (212) 983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding TCF's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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