On June 29, the Eighth Circuit declined to impose a temporary injunction to keep Regulation II from going into effect, agreeing with the lower court, which issued a similar denial. In its ruling, the Eighth Circuit indicated that TCF Financial had failed to show that Regulation II would dictate the maximum price for a good or service set below the cost of production, the heart of what is known as a confiscatory-rate claim. In this regard, TCF had argued that the rules were unconstitutional. The Eighth Circuit’s decision may represent the industry’s last opportunity to impact the implementation of Regulation II before it takes effect.