TCF National Bank filed a lawsuit Tuesday that seeks to overturn new debit card rules Illinois Sen. Dick Durbin pushed to have included in the financial reform legislation Congress passed and President Obama signed into law earlier this year, Crain's reports this afternoon. Durbin's rule requires the Federal Reserve to regulate the debit card interchange fees banks charge by "making sure that the fees be reasonable and proportional" to actual processing costs, according to a summary at the Washington Independent.

In a statement, Durbin defended the rule, saying "Congress approved this language by a wide bipartisan margin in reaction to the frustrations of millions of merchants and consumers who were getting nickled and dimed by the anticompetitive interchange system set up by big banks and credit card companies—including TCF."