March 2, 2017 (Shareholders Foundation) - An investigation on behalf of investors of TCF Financial Corporation (NYSE:TCB) shares over potential securities laws violations by TCF Financial and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of TCF Financial Corporation (NYSE:TCB) concerning whether a series of statements by TCF Financial regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Wayzata, MN based TCF Financial Corporation (TCF) is a bank holding company. TCF Financial Corporation reported that its Net Income rose from $151.67 million in 2013 to $212.12 million in 2016. Shares of TCF Financial Corporation (NYSE:TCB ) grew from $10.95 per share in February 2016 to as high as $19.91 per share in December 2016.

On January 19, 2017, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against TCF Financial Corporations principal subsidiary, TCF National Bank, alleging that TCF National Bank illegally devised and then executed a strategy to persuade its customers to opt in to costly overdraft protections that generated millions of dollars in revenue. The CFPB alleges that TCF National Bank designed its application process to obscure the fees and make overdraft seem mandatory for new customers to open an account. The CFPB also asserted that TCF National Bank adopted a loose definition of consent for existing customers in order to opt them into the service and pushed back on any customer who questioned the process.