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VOL. 126 | NO. 66 | Tuesday, April 5, 2011

Judge to Hear Motions in Debit Fee Lawsuit

AP

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SIOUX FALLS, S.D. (AP) – A federal judge will hear motions in a bank's lawsuit against the Federal Reserve on the constitutionality of regulations limiting the fees a bank can charge retailers for debit card transactions.

Minnesota-based TCF National Bank, a subsidiary of TCF Financial Corp., is seeking a preliminary injunction Monday to prevent the new regulations from taking effect.

The Fed wants the case thrown out.

TCF National filed the lawsuit against Fed chairman Ben Bernanke and its board of governors in in U.S. District Court in South Dakota in October.

Merchants maintain that the fee charged for debit cards, also called an interchange fee, is too high.

Banks and Visa and MasterCard say the fee takes into account the cost of setting up and maintaining a secure and sophisticated debit payment system.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 102 224 17,767
MORTGAGES 127 277 20,703
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 176 510 36,326
BANKRUPTCIES 54 146 11,828
BUSINESS LICENSES 21 80 5,640
UTILITY CONNECTIONS 27 147 12,181
MARRIAGE LICENSES 11 60 4,417

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