The U.S. District Court for the District of Minnesota held in Consumer Financial Protection Bureau v. TCF National Bank (Civ. No. 17-166) that the bureau could not penalize the company for acts committed in 2009, two years before the CFPB was founded.
The bank also argued that the bureau failed to allege plausible claims under the Consumer Financial Protection Act.
Find out why the bank’s reliance on previous guidance from the Federal Reserve was not the reason for this decision.
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