TCF National Bank has asked the Eighth U.S. Circuit Court of Appeals in St. Louis for a rapid decision on the Minnesota-based bank's legal challenge to the Federal Reserve implementation of the Durbin Amendment.
The $19 billion bank challenged the constitutionality of the Durbin Amendment, named for sponsor Sen. Richard Durbin (D-Ill.), on the grounds that it violates Fifth Amendment protections against property being confiscated without compensation and due process, but a lower court declined to issue a preliminary injunction.
In this appeal, TCF, which says it's the 11th-largest U.S. issuer of Visa-branded debit cards, said that the mandated interchange debit cap will cost it $200,000 per day and that debit card issuers as a whole stand to lose over $1 billion per month.
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