The Consumer Financial Protection Bureau has filed a complaint against TCF National Bank for allegedly committing abusive and deceptive acts under the Dodd-Frank Act’s UDAAP prohibition. The allegations stem from the bank’s representations of its opt-in overdraft services.
Based on a stipulated order from the U.S. District Court for the District of Columbia, the Consumer Financial Protection Bureau has agreed to keep the name of the plaintiff confidential and to not take any adverse action. The plaintiff argued the bureau was unauthorized to issue a civil investigative demand because of the unconstitutionality findings the D.C. Circuit Court of Appeals made in PHH Corp. v. CFPB. What will happen next? Read on to find out.
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