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Sutherland Alert: Lawsuit Challenges Constitutionality of Debit Card Interchange Provisions of Dodd-Frank Act

by Robert J. Pile and Heather J. Howdeshell TCF National Bank (TCF) has filed a suit in the United States District Court in South Dakota challenging the constitutionality of Section 1075 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (known as the Durbin Amendment). The Durbin Amendment...

Debit Card Fees Rule ‘Clearly Disregarded’ Congress’ Intent, Judge Finds

WASHINGTON, D.C. — (Mealey’s) A federal judge in the District of Columbia on July 31 ordered that a rule governing debit card transaction fees be rewritten, saying that the Board of Governors of the Federal Reserve System has “clearly disregarded Congress’ statutory intent by...