[December 02, 2013] |
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TCF National Bank Announces Resolution of Regulatory Order Regarding BSA Matters
WAYZATA, Minn. --(Business Wire)--
TCF National Bank ("TCF Bank"), the principal subsidiary of TCF
Financial Corporation ("TCF") (NYSE: TCB), today announced that the
Office of the Comptroller of the Currency ("OCC") has lifted the
regulatory order related to previously disclosed deficiencies in its
Bank Secrecy Act ("BSA") compliance program. TCF Bank has made
comprehensive changes to its BSA compliance program and has satisfied
the legal and regulatory requirements of the order. TCF Bank is
committed to continuously reviewing its BSA compliance processes and
working with the OCC to ensure a safe banking environment for our
customers.
"We are pleased to resolve the OCC's concerns and appreciate their
guidance in strengthening our BSA compliance program," said William A.
Cooper, TCF Chairman and Chief Executive Officer. "TCF has made
significant investments to create a best-in-class BSA program and we now
have improved systems, training and processes to detect and report
potential finanial crimes. We will continue to work with law
enforcement to protect the public interest and partner with the OCC to
enhance the safety and security of the banking system."
About TCF Financial Corporation TCF is a Wayzata,
Minnesota-based national bank holding company with $18.4 billion in
total assets at September 30, 2013. The company has nearly 430 branches
in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona
and South Dakota, providing retail and commercial banking services. TCF,
through its subsidiaries, also conducts commercial leasing and equipment
finance business in all 50 states, commercial inventory finance business
in the U.S. and Canada, and indirect auto finance business in 40 states.
For more information about TCF, please visit http://ir.tcfbank.com.
Safe Harbor for Forward-Looking Information This press
release may contain projections and other "forward-looking" statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
deal with future results, plans or performance. We caution you that such
statements are predictions and that actual events or results may differ
materially. TCF's expected financial results or other plans are subject
to a number of risks and uncertainties. Please see the forward-looking
statement disclosure contained in TCF's 2013 third quarter Form 10-Q for
more information about risks and uncertainties. Forward-looking
statements speak only as of the date made and TCF undertakes no duty to
update the information.
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