April 15, 2011
The Credit Union Times reports that TCF National Bank has asked the Eighth U.S. Circuit Court of Appeals in St. Louis for an expedited ruling regarding their lawsuit questioning the constitutionality of the Durbin Amendment.
Last week, a lower court opted not to issue a preliminary injunction in the case. TCF, a Minnesota-based bank with around $18 billion in assets, claims Durbin “violates Fifth Amendment protections against property being confiscated without compensation and due process,” according to the Credit Union Times.
The news outlet reports that in the appeal, TCF states it is the 11th-largest U.S. issuer of Visa-branded debit cards and that debit interchange limits will cost the bank $200,000 per day, adding that that debit card issuers could lose more than $1 billion per month.
“The requested expedition is necessary because if this Court does not rule on the merits of this appeal at least several weeks before the Durbin Amendment goes into effect on July 21, 2011, TCF will suffer irreparable and unrecoverable revenue losses, even if the Durbin Amendment is later declared unconstitutional,” TCF argued in its brief.
Click here to read more on TCF’s appeal.
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