Federal Appeals Court Strikes Down Debit Swipe-Fee Cap, Ordering Fed To Rewrite Rule / Fresh Today / .info - CU Today
The Coolest Credit Union News Source A federal appeals court has overturned the Federal Reserve's 15-year-old regulation capping debit-card interchange fees, ordering the Fed to rewrite this rule. The decision was part of a lawsuit brought by North Dakota convenience store and truck stop Corner Post against the Fed's implementation of the Durbin Amendment to the 2010 Dodd-Frank Act. The court ruled that the Fed exceeded its authority in determining which costs banks could include in calculating fees. The ruling adds uncertainty to an already contentious battle over interchange revenue. The Durbine Amendment generally exempts institutions with less than $10 billion in assets from the federal debit interchange cap. Larger credit unions are subject to the regulation, while smaller institutions could see indirect effects from changes in payment-network pricing.
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ST. LOUIS—In a major victory for merchants and a potentially significant development for financial institutions, a federal appeals court Monday struck down the Federal Reserve's 15-year-old regulation... [3488 symbols]
