TCF sues Fed over debit fees    • Article by: CHRIS SERRES ,
Star Tribune   • Updated: October 12, 2010 - 11:09 PM  Retailers
pay billions a year to process such card transactions. TCF says
the fees are fair.  A lawsuit that TCF Financial Corp. filed
Tuesday against the Federal Reserve has reinvigorated a fierce
debate over whether banks should be allowed to charge retailers
tens of billions of dollars a year for processing debit card
transactions.  Retail industry groups have argued for years that
the so-called interchange fees -- typically less than 2 percent
of the purchase price on each transaction -- are too high and
ultimately get passed down to consumers in the form of higher
prices for everything from iPods to toothpaste.  This summer, as
the popularity of banks sank to new lows, retailers seized on
the chance to restrict the fees. They persuaded congressional
leaders to insert a provision in the financial reform bill that
allows the Federal Reserve to severely limit how much banks with
assets of $10