CU/Bank Trades in Amicus Brief to Block Interchange Amendment Posted by AVCU on 11:07 AM

CU Journal reports today that CUNA, NAFCU, American Bankers Association and Independent Bankers Association have filed an amicus brief (friends of the court) in the Lawsuit To Block the Implementation of the Durbin Interchange Amendment  by $18B TCF Bank. The suit, originally filed last October by TCF, alleges problems with directives that Congress' mandate to the Fed does not allow for all reasonable costs incurred in setting allowable fees and that the provisions for routing and exclusivity are problematic. TCF's original suit claims the Durbin amendment sets unconstitutional limitations in the recovery of costs associated with providing a key service to deposit customers.