TCF Bank 2015 Annual Report Download - page 30

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15
Item 3. Legal Proceedings
From time to time, TCF is a party to legal proceedings arising out of its lending, leasing and deposit operations, including
foreclosure proceedings and other collection actions as part of its lending and leasing collections activities. TCF may
also be subject to regulatory examinations and enforcement actions brought by federal regulators, including the SEC,
the Federal Reserve, the OCC and the CFPB, and TCF's regulatory authorities may impose sanctions on TCF for
failures related to regulatory compliance. From time to time, borrowers and other customers, and employees and
former employees, have also brought actions against TCF, in some cases claiming substantial damages. TCF and
other financial services companies are subject to the risk of class action litigation. Litigation is often unpredictable and
the actual results of litigation cannot be determined, and therefore the ultimate resolution of a matter and the possible
range of loss associated with certain potential outcomes cannot be established. Except as discussed below, based
on our current understanding of TCF's pending legal proceedings, management does not believe that judgments or
settlements arising from pending or threatened legal matters, individually or in the aggregate, would have a material
adverse effect on the consolidated financial position, operating results or cash flows of TCF.
On October 29, 2015, TCF received a NORA Letter from the CFPB notifying TCF that the CFPB’s Office of Enforcement
is considering recommending that the CFPB take legal action against TCF related to compliance with laws relating to
unfair, deceptive and abusive acts and practices and Regulation E, §1005.17, in connection with TCF’s practices in
administering checking account overdraft program "opt-in" requirements. The purpose of a NORA Letter is to ensure
that potential subjects of enforcement actions have the opportunity to present their positions to the CFPB before an
enforcement action is recommended or commenced and TCF has provided the CFPB with a written statement setting
forth the reasons of law and policy why it believes that the CFPB should not take action. TCF is in discussions with
the CFPB and is seeking to reach an appropriate resolution of the matter. We are currently unable to predict the ultimate
timing or outcome of this matter. There can be no assurance that the CFPB will not utilize its enforcement authority
through settlement, administrative proceedings or litigation and seek remediation, disgorgement, penalties, other
monetary relief, injunctive relief or changes to TCF’s business practices or operations, which could have a material
adverse effect on TCF.
Item 4. Mine Safety Disclosures
Not applicable.