The article presents the orders issued by the U.S. Board of Governors of the Federal Reserve System under Section 3 of the Bank Holding Company (BHC) Act on the request of Chemical Financial Corp. to acquire TCF Financial Corp. and indirectly acquire TCF National Bank. Topics covered include the terms of the acquisition, the interstate analysis of the provisions of Section 3 of the BHC Act, and the anticompetitive effects of the proposal being considered by the Board.