TCF Financial Says Federal Judge Makes Rulings In Debit Card Interchange Lawsuit

News ) said Monday that a federal judge has refused to dismiss a lawsuit by the company’s subsidiary, TCF National Bank, that challenges forthcoming rules to reduce fees collected by banks from retailers for debit-card transactions.
However, the judge also denied TCF’s motion for a preliminary injunction at the current point of time.TCF National Bank filed a lawsuit against Federal Reserve chairman Ben Bernanke and its board of governors in mid-October 2010, challenging the constitutionality of the Durbin Amendment, which limits the amount of interchange fees charged by banks on retailers for debit card transactions.
The bank has said it will lose $6 million a month on the fees because of the law.
U.S. District Judge Lawrence Piersol denied the government’s motion to dismiss TCF National B…

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