The American Bankers Association Thursday eliminated the last barrier to thrift membership.

The group dropped a requirement that a thrift had to first qualify to join its state bankers association. Minneapolis-based TCF Financial Corp. took advantage of the change immediately.

"This move is the logical next step in expanding our membership to keep pace with the evolution of the industry," ABA president Walter A. Dods Jr. said in a prepared statement.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.