TCF Financial faces possible legal action from the Consumer Financial Protection Bureau over a policy tied to the Wayzata, Minn., company’s overdraft fees.

The $20 billion-asset TCF disclosed in a regulatory filing late Wednesday that it was notified last week that the CFPB is looking into opt-in practices associated with the company's checking account overdraft program.

The CFPB said in its letter to TCF that the agency is looking into possible issues tied to "compliance with laws relating to unfair, deceptive and abusive acts and practices."

The letter offered TCF an opportunity to make a written statement providing reasons why the CFPB should not pursue legal action. TCF said it is in the process of preparing its position and issuing a written statement to the CFPB.

"We are currently unable to predict the ultimate timing or outcome of this matter," the filing said.

TCF has tussled with regulators in the past over issues tied to fees. The company filed a lawsuit in 2010 against the Federal Reserve Board in an effort to block caps on debit card interchange fees. TCF dropped the lawsuit less than a year later after the Fed adopted its final rule on the issue.

A recent study by Compass Point also estimated that TCF could be hit hard by expected overdraft rules being drafted by the CFPB, though a TCF spokesman was critical of the group's findings.

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