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TCF Asks Appeals Court To Block Interchange Rule

Posted on 5/5/2011

TCF National Bank has asked the 8th U.S. Circuit Court of Appeals to issue an order that would block enforcement of the Federal Reserve's proposed debit-card interchange rule. TCF's attorneys argued in their brief filed with the St. Louis-based U.S. Appeals Court that the rule would establish a confiscatory rate regime fully 15 years after banks began their debit businesses. U.S. District Court Judge Lawrence Piersol, on April 4, denied Wayzata, MN-based TCF's request for a preliminary injunction to block the proposed rule's enforcement. Piersol also denied the government's motion to dismiss TCF's lawsuit against the Fed that, among other things, challenges the constitutionality of the Durbin amendment. Eight major financial trade groups, on March 11, filed a friend-of-the-court brief supporting TCF.

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