A federal court recently dismissed two of three counts the Consumer Financial Protection Bureau (CFPB) alleged in a lawsuit against TCF National Bank related to its overdraft policies.
The Minnesota District Court upheld the bureau’s allegation that TCF engaged in activities that violated the Dodd-Frank Act’s prohibition against unfair, deceptive or abusive acts or practices (UDAAP), but rejected the bureau’s two claims that the company violated Federal Reserve guidance and Regulation E.
Find out why the court sided with the bureau on its UDAAP allegation but not on its interpretation of Regulation E.