TCF Financial (TCB) in Wayzata, Minn., has landed in a dustup with students at the state's flagship university over its efforts to comply with U.S. laws that govern transactions with Iran.

The $17.9 billion-asset company recently sent letters to Iranian students at the University of Minnesota saying it could close their accounts because certain transactions appeared to contravene rules that prohibit financial dealings with their native country. The letters caught students off guard and now several of them are asking university officials to intervene.

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