TCF Financial (TCB) in Wayzata, Minn., continues to take heat over efforts to comply with U.S. laws that govern transactions with Iran.

The $18.2 billion-asset company recently received a letter from roughly a dozen members of the faculty at the University of Minnesota who threatened to move their money elsewhere after the bank notified some Iranian students by mail that it would close their accounts unless they could verify transactions the bank had flagged.

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