Judge Won’t Block Fed’s Debit Rule

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SIOUX FALLS, S.D. -- A federal judge this afternoon rejected a request by Minnesota’s TCF National Bank for a preliminary injunction barring the Federal Reserve from finalizing its rules on debit fees.
But the judge also denied the Fed’s request to throw the suit out, meaning the legal action will continue in this federal court far from Washington, where the Fed is continuing its work in a final rule. U.S. District Judge Lawrence Piersol agreed to take the Fed's motion to dismiss under advisement.

The suit by TCF has been joined by banks and credit unions challenging the controversial rule, as well as merchants who support the proposed cuts in debit fees, amounting to more than $20 billion last year.SIOUX FALLS, S.D. -- A federal judge this afternoon rejected a request by Minnesota’s TCF National Bank for a preliminary injunction barring the Federal Reserve from finalizing its rules on debit fees.

But the judge also denied the Fed’s request to throw the suit out, meaning the legal action will continue in this federal court far from Washington, where the Fed is continuing its work in a final rule. U.S. District Judge Lawrence Piersol agreed to take the Fed's motion to dismiss under advisement.

The suit by TCF has been joined by banks and credit unions challenging the controversial rule, as well as merchants who support the proposed cuts in debit fees, amounting to more than $20 billion last year.

 

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