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TCF Financial Corp.'s William Cooper is rethinking his long-held belief that economies of scale do not matter in banking.
March 14 -
The legal volleying in TCF Financial's lawsuit to block the Durbin amendment continued Friday with company filing documents in federal court to counter regulators' opposition.
March 4 -
Bankers upset with a proposal to slash debit interchange fees are lobbying Congress and plotting survival strategies. Only TCF's Bill Cooper has been bold enough to take the Federal Reserve to court.
March 1 -
The Fed and OCC are asking a federal judge to dismiss TCF Financial's lawsuit, which seeks to block implementation of the Durbin amendment.
February 18
A judge has denied the government's motion to dismiss TCF Financial Corp.'s lawsuit over debit fee regulation.
Judge Lawrence Piersol of the U.S. District Court for South Dakota also denied TCF's motion for preliminary injunction against the regulation, the Wayzata, Minn., banking company announced Monday.
The Federal Reserve Board proposed in December to limit debit interchange fees to 12 cents a transaction, compared to the current average of 44 cents. The Fed's rule, prompted by the Durbin amendment to the Dodd-Frank Act, would lead TCF's interchange revenue to drop from $102 million a year to $20 million, the bank has said.
The court has planned a further hearing after the rule takes effect; it is scheduled to take effect July 21. However, the Fed has said it would miss its April 21 deadline for issuing final rules.
