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News Now

Washington
Inside Washington (02/22/2011)
* WASHINGTON (2/23/11)--The Federal Reserve Board and Office of the Comptroller of the Currency (OCC) are seeking dismissal of TCF Financial Corp.’s lawsuit to block implementation of the Durbin amendment. In a motion filed Friday in U.S. District Court for South Dakota, the Fed and OCC moved for dismissal because of TCF’s failure to “state a claim upon which relief can be granted” and lack of subject matter jurisdiction (American Banker Feb. 22). In its lawsuit, filed in October, TCF seeks to stop implementation of the Dodd-Frank Act’s Durbin amendment, under which the Fed set interchange rates in proportion to issuers’ costs. In its memorandum to dismiss the lawsuit, the Federal Reserve said TCF failed to identify any statute, regulation or contract that guarantees the bank should receive the current level of debit interchange it receives … * WASHINGTON (2/23/11)--The permanent headquarters of the Consumer Financial Protection Bureau (CFPB) will be located across the street from the White House at 1700 G Street NW in Washington, D.C., the Treasury Department announced last week. The building will contain about 300,000 useable square feet. Before the CFPB moves in, major renovations are needed to use space more efficiently and to update the building to current energy and environmental standards. Although planning is still in its early stages, the building will include a first floor that is open for regular educational programs, and will include interactive kiosks and 21st century learning centers …


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