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Bankers upset with a proposal to slash debit interchange fees are lobbying Congress and plotting survival strategies. Only TCF's Bill Cooper has been bold enough to take the Federal Reserve to court.
March 1 -
Although the central bank agreed to raise the cap on debit interchange fees to 21 cents, plus extra for fraud costs, bankers said it would gut profits and hurt consumers. Retailers, meanwhile, accused the Fed of giving into pressure from the financial services industry, and hinted they may sue over the rule.
June 29 -
Although banks failed in their attempt to convince Congress to delay an interchange fee cap for debit cards, the financial services industry is not giving up, just changing venues.
June 8 -
TCF has asked a U.S. appeals court for an order blocking federal regulations capping the amount of money banks can charge retailers for processing debit-card transactions.
May 3 -
The banking company leading the legal challenge to the Durbin Amendment's cap on debit interchange said Thursday that it sees evidence of progress on other fronts of the battle.
April 21 -
Judge Lawrence Piersol of the U.S. District Court for South Dakota has denied the government's motion to dismiss TCF Financial's lawsuit over debit fee regulation.
April 5 -
TCF Financial Corp.'s William Cooper is rethinking his long-held belief that economies of scale do not matter in banking.
March 14 -
In a rare show of unity, the leading bank and credit union industry groups filed a joint friend-of-the-court brief to support TCF's lawsuit looking to block implementation of the Durbin amendment.
March 11 -
The legal volleying in TCF Financial's lawsuit to block the Durbin amendment continued Friday with company filing documents in federal court to counter regulators' opposition.
March 4
WASHINGTON — TCF Financial Corp. on Thursday abandoned pursuit of a lawsuit against the Federal Reserve Board on its proposed debit interchange rule.
The company said it requested the U.S. District Court in South Dakota to dismiss its case without prejudice.
"We believe our lawsuit has served its purpose in demonstrating the unfairness of the Durbin amendment and that it is time for us to move on," said William Cooper, chairman and CEO of TFC, which holds $18.7 billion in assets, in a statement.
That decision, the bank said, follows the Fed's final rule on interchange, which did not resolve the effectiveness of a $10 billion exemption for small-bank issuers, as well as a federal appeals court decision to reject the company's request to delay the Fed's new rule from taking effect.
The Fed's Board agreed 4-1 on Wednesday to lift the fee that merchants must pay banks every time a debit card is swiped to 21 cents, plus some fraud costs, up from its original 12-cent cap.
