WAYZATA, Minn.--(BUSINESS WIRE)--TCF National Bank (“TCF”), a subsidiary of TCF Financial Corporation (NYSE: TCB), today filed legal briefs in South Dakota Federal court in connection with its lawsuit challenging the constitutionality of the Durbin Amendment of the Dodd-Frank Act. TCF countered the Department of Justice’s motion to dismiss with additional documentation and support for TCF’s motion for a preliminary injunction that will be heard on April 4, 2011 in Sioux Falls, South Dakota.
TCF’s review of the government’s motion shows the Department of Justice did not contest the price-fixing aspect of the Durbin Amendment which will compel debit interchange fees to be set below actual cost. Instead, the Department of Justice contends that the constitutional protections prohibiting arbitrary price controls exist only to protect utilities and that other American businesses have no constitutional protection against expropriation by the government through below-cost price-fixing.
TCF National Bank is a subsidiary of TCF Financial Corporation, a Wayzata, Minnesota-based national bank holding company with $18.5 billion in total assets. TCF has 442 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in the U.S. and Canada. For more information about TCF, please visit www.tcfbank.com.