Image via WikipediaMarch 14, 2011 05:02 PM Eastern Daylight Time
WAYZATA, Minn.--(BUSINESS WIRE)--Several groups and organizations filed amicus briefs last week in support of the lawsuit filed by TCF National Bank (“TCF”), a subsidiary of TCF Financial Corporation (NYSE: TCB), challenging the constitutionality of the Durbin Amendment of the Dodd-Frank Act. A total of four amicus briefs supporting TCF were filed by the following groups and organizations: 1) a group consisting of the American Bankers Association, Consumer Bankers Association, Mid-Size Bank Coalition of America, Independent Community Bankers of America, National Association of Federal Credit Unions, Credit Union National Association, Financial Services Roundtable, and The Clearing House Association; 2) a group of 22 State Bankers Associations, led by the Minnesota Bankers Association, representing more than 4,400 member banks; 3) South Dakota Bankers Association; and 4) a group of ten economists and law and economics scholars including Todd Zywicki, George Mason University Professor of Law.
“These amicus briefs clearly illustrate the concerns shared not only by the big banks, but by the banking industry as a whole, regarding the potential negative implications of the Durbin Amendment on TCF, other banks and the payments system.”
“We are pleased with the amount of support expressed in favor of this very important lawsuit,” said William A. Cooper, Chairman and CEO of TCF Financial Corporation. “These amicus briefs clearly illustrate the concerns shared not only by the big banks, but by the banking industry as a whole, regarding the potential negative implications of the Durbin Amendment on TCF, other banks and the payments system.”
TCF National Bank is a subsidiary of TCF Financial Corporation, a Wayzata, Minnesota-based national bank holding company with $18.5 billion in total assets. TCF has 442 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in the U.S. and Canada. For more information about TCF, please visit www.tcfbank.com.
