Dirk Lammers
Associated Press
SIOUX FALLS, S.D. — 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 Corp., filed the lawsuit in U.S. District Court in South Dakota. The bank said an amendment to Congress’ recent financial regulatory overhaul directs the Fed to adopt debit fee regulations based only on the processing costs of authorizing, clearing and settling transactions.
William A. Cooper, TCF Financial’s chairman and chief executive, said those costs amount to a fraction of the total amount of money required to manage the debit card system, and the law makes no more sense than regulating the price of a fast-food hamburger based solely on the costs of the meat and the bun.
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