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TCF Financial Sues Federal Reserve Over Debit Card Fee Caps

Tuesday, October 12, 2010 - 4:43 PM
From Bloomberg:
TCF Financial Corp., a Minnesota bank, sued the Federal Reserve to block a U.S. law that limits the fees charged to retailers on debit-card transactions.

This is related to that part of the financial reform law that was recently enacted which requires the Federal Reserve to set interchange fees for banks with assets of at least $10 billion that are "reasonable and proportional" to the cost of processing debit transactions.
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Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
1. Friday, October 15, 2010 - 5:20 PM
This CNNMoney.com article has an interview with TCF Financial's CEO. Here's one interesting excerpt:
"This affects about 90 banks. But some of the bigger banks are virtually 50 to 100 times bigger than TCF," he said. "When you talk about little vs. big, Durbin may have taken out a gun, aimed at the big banks, missed them and shot me."

There's a bar graph at the top of the article with the title "There's Big Banks. And Then There's Big Banks." where you can see how much bigger the megabanks are as compared to banks like TCF.
4
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
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