TCF National Bank will pay $30 million to settle allegations it misled customers about overdraft services, the Consumer Financial Protection Bureau announced July 20.
The CFPB said it filed a proposed settlement in the U.S. District Court for the District of Minnesota over the Wayzata, Minn.-based lender’s marketing and sale of overdraft services.
The proposal includes $25 million in restitution and a $5 million fine. The fine will be adjusted to account for a $3 million penalty imposed by the Office of the Comptroller of the Currency in a separate order.
The settlement marks the bureau’s sixth enforcement action this ...
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