CFPB Slams Bank for “Tricking Consumers” into Costly Overdraft Service
The CFPB alleges that TCF National Bank designed its application process to obscure the fees and make overdraft protection seem mandatory for new customers to open an account. It also took issue with how loose the bank was in defining consent for existing customers in order to opt them in. The bureau also posted consumer suggestions for understanding what "opt-in" means. Director Cordray even held a press call regarding the matter. [1/20/17]


