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TCF Builds Attack on Interchange Partly on Exemption

TCF National Bank, the financial institution that has sued the Federal Reserve over its proposed debit interchange rule, has based their argument against the rule in part on the rule's small issuer exemption.

By David Morrison | Updated on March 08, 2011

TCF National Bank, the financial institution that has sued the Federal Reserve over its proposed debit interchange rule, has based their argument against the rule in part on the rule’s small issuer exemption.

The legislation mandating the cap sought to exempt debit card issuers with under $10 million in assets from having to comply with the cap. In its most recent brief, TCF argues that the exemption renders an already confiscatory law unjust as well as unconstitutional.

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