Regulation

Other debit card issuers are likely to pledge support for TCF Financial Corp.’s Oct. 12 lawsuit filed against the Federal Reserve Board that challenges the constitutionality of the provision within the Dodd-Frank Act requiring the Fed to set debit interchange rates, analysts say.

TCF Financial Corp.’s lawsuit seeking to block the Federal Reserve Board from capping debit card interchange rates is about more than preserving revenue; even more harmful restrictions could be imposed on banks if the industry stands idle, according to William Cooper, TCF chairman and chief executive.

New York Attorney General Andrew M. Cuomo wants information from four large mortgage servicers - Bank of America, JP Morgan Chase, Wells Fargo and GMAC Mortgage/Ally - concerning the filing of affidavits that falsely attest the signer has personal knowledge of the facts presented in home foreclosure proceedings, a practice known as “robo-signing.”

Wayzata, Minn.-based TCF National Bank announced Tuesday it is suing the U.S. Federal Reserve to block new limits on debit-card transaction fees, one of the first lawsuits against a major provision of the Dodd-Frank financial overhaul law, reports Dow Jones.

Consumers in the United States generally believe their credit card companies treat them fairly but anticipate some changes under the Credit CARD Act affecting their overall card usage, new research from New York-based management-consulting firm Auriemma Consulting Group suggests. Auriemma conducted the research through an online survey in August.

WASHINGTON — When Elizabeth Warren, the top administration official in charge of creating the Consumer Financial Protection Bureau, called last week for simplified, comprehensible credit card disclosures, the industry applauded the goal.

More than 550 people gathered at The Pierre to honor 2010's Most Powerful Women in Banking and Finance.

While the Justice Department's antitrust lawsuit against three major card networks appeared to bolster merchants' case for regulating interchange fees, it may also have undercut a push for legislation targeting the issue.

In theory, retailers just gained significant ground in their fight against payment card fees.