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Commercial Card News Brought to You by the NAPCP: Industry Regulation

TCF requests dismissal of lawsuit challenging Durbin Amendment

Wednesday, July 06, 2011   (0 Comments)

As noted in the fourth quarter 2010 NAPCP E-News, on October 12, 2010, TCF National Bank ("TCF") filed a lawsuit about the constitutionality of the debit interchange regulation (commonly known as the Durbin Amendment).

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On June 29, 2011, the Eighth Circuit Court of Appeals affirmed a U.S. District Court ruling to deny TCF's motion for a preliminary injunction against the implementation of the Durbin Amendment. The decision was based largely on the grounds that at this stage of the litigation, it was not clear that the exemption for banks with total assets under $10 billion would be effective. In view of this ruling along with yesterday's announcement of the Federal Reserve Board's final rule on debit interchange, which does not resolve the question of the potential effectiveness of the $10 billion exemption, TCF today decided to ask that the U.S. District Court in South Dakota dismiss its case without prejudice.

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