A national bank in Minnesota has filed a suit in federal court challenging the constitutionality of the Durbin Amendment.
Congress included the Durbin Amendment in the recent financial services reform law. It directs the Federal Reserve Board to set a rate of debit card interchange for banks of $10 billion or more in assets. The measure also instructed the Federal Reserve to limit the debit card interchange level to reflect only the costs related to authorizing, clearing and settling debit card transactions.
TCF National Bank, a subsidiary of TCF Financial Corporation, charged that the result will be "an irrational competitive disadvantage" for banks that will be subject to the new regulation.
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