June 16, 2011
Bloomberg reports that TCF National Bank asserted in a federal appeals court this week that until their suit is decided, the new limits on debit card interchange fees should be deferred beyond the current July 21 start date.
TCF’s suit claims the Durbin Amendment is unconstitutional, in part because it amounts to the unreasonable confiscation of property.
“TCF will no longer be able to maintain its financial integrity,” the bank, a unit of Wayzata, Minnesota-based TCF Financial Corp. (TCB), said in court papers.
In April, U.S. District Judge Lawrence L. Piersol in Sioux Falls, South Dakota, decide against delaying implementation of the new regulation.
TCF Seeks Speedy Decision in Durbin Appeal
Analysis: TCF Challenge to Durbin Amendment Moving Ahead
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