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#1455022 - 10/14/10 01:10 PM Dodd-Frank challenged in court
Pale Rider Offline
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Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
http://www.pymnts.com/tcf-bank-files-law...frank-act-2/?nl

TCF National Bank (“TCF”), a subsidiary of TCF Financial Corporation (NYSE:TCB), announced that today it is filing a lawsuit challenging the constitutionality of the Durbin Amendment (“the Amendment”). Congress included this Amendment, without hearings, in the Wall Street Reform and Consumer Financial Protection Act of 2010, also known as the Dodd-Frank Act.

“It is unprecedented for Congress, or any regulatory agency, to mandate a fee charged in the free market that not only denies a reasonable rate of return on investment, but actually requires the rate to be lower than the incremental cost of providing the service,” said William A. Cooper, Chairman and Chief Executive Officer of TCF Financial Corporation. “Furthermore, the Amendment affects only one percent of the nation’s banks, giving thousands of unaffected banks an unfair competitive advantage.”
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#1455029 - 10/14/10 01:23 PM Re: Dodd-Frank challenged in court Pale Rider
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
He was on CNBC yesterday or the day before and makes a pretty compelling argument - I think they will win without a question.
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#1455058 - 10/14/10 01:47 PM Re: Dodd-Frank challenged in court rlcarey
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
awesome!
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My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#1455135 - 10/14/10 03:14 PM Re: Dodd-Frank challenged in court RR Joker
BrianC Online
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BrianC
Joined: Nov 2004
Posts: 6,686
Illinois
I take back all of the negative things I may have alledgedly said about TCF in the past....
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#1455610 - 10/15/10 01:36 PM Re: Dodd-Frank challenged in court BrianC
#Just Jay Offline
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
I spent three long years there... I won't. smirk
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#1455818 - 10/15/10 05:56 PM Re: Dodd-Frank challenged in court #Just Jay
Georgia Plum
Unregistered

Here's a link to the CNBC Interview

http://www.cnbc.com/id/15840232?play=1&video=1613301768

Also, wouldn't the same constitutionality apply to overdraft charges?

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