TCF Bank Challenges Dodd-Frank's Card Fee Provisions

Law360, New York (October 13, 2010, 7:06 PM EDT) -- TCF National Bank has filed a lawsuit challenging the Durbin amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which aims to prevent credit card companies from using their market power to charge unfair interchange fees.

The suit, filed Tuesday in the U.S. District Court for the District of South Dakota, said that the amendment "irrationally, prejudicially, and illegally interferes" with TCF’s ability to recover its costs for providing crucial debit card services.

Interchange fees are charged to merchants who accept payment via credit...
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