TCF National Bank, which claims to be the 11th largest U.S. issuer of Visa branded debit cards, has asked a federal appeals court to grant it another chance to stop the Durbin Amendment's implementation.
The $19 billion bank had sued the Federal Reserve on the grounds that the amendment that caps debit interchange is unconstitutional, and it asked the court for an injunction to stop its implementation while the litigation continued. But in an April 4 decision that pleased neither party to the litigation, U.S. District Judge Lawrence Piersol declined to grant the bank's request for an injunction, but he also declined the Federal Reserve's request to throw out the bank's complaint.
Piersol, after denying request for relief from both sides, asked attorneys for the government and bank to submit proposed orders to him. As of press time, TCF has submitted its suggested order.
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