Anti-Durbin-Amendment Action
As reported in the Minneapolis Star Tribune, TCF Financial Corporation filed a lawsuit October 12, 2010, against Federal Reserve chairman Ben Bernanke and the Federal Reserve Bank Board of Governors. TCF's lawsuit seeks a court order declaring the Durbin amendment to the current financial reform bill unconstitutional and seeks an injunction barring its enforcement. The Durbin amendment allows the Federal Reserve to limit interchange fees to the bank's cost of authorizing, clearing, and settling debit-card transactions. The amendment was instigated by retailers and is supported by consumer groups.
Read more about this topic: TCF Bank
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