Debit Card Issuer Sues Fed Chairman Over Fees

SIOUX FALLS, S.D. - (AP) TCF National Bank sued Federal Reserve chairman Ben Bernanke and the Fed's board of governors on Tuesday, saying regulations limiting the fees a bank can charge retailers for debit card transactions are unconstitutional. Minnesota-based TCF National, a subsidiary of TCF Financial...

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...