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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 This material may not be published, broadcast, rewritten or redistributed.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 85 317 11,842
MORTGAGES 99 353 13,780
FORECLOSURE NOTICES 41 60 1,918
BUILDING PERMITS 304 784 24,948
BANKRUPTCIES 54 233 7,706
BUSINESS LICENSES 64 161 4,060
UTILITY CONNECTIONS 26 144 4,825
MARRIAGE LICENSES 17 65 2,609

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