Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Thursday, August 29, 2013

ABA & Groups File Brief in Interchange Case

ABA and several other trade groups yesterday filed a “friend of the court” brief urging Judge Richard Leon not to order the Federal Reserve to issue an interim rule on interchange.

The groups argued that Leon has no legal authority to order the Federal Reserve Board to conduct rulemaking. Even if he did, they said, “a rush to issue a new rule will harm all affected interests, including consumers, and threaten the effective functioning, stability, and security of the electronic debit card payments system.”

Finally, they said, an interim rule would invite further legal challenges from the Fed or issuers who could contest “the confiscatory nature of an interim interchange fee rule.”

Read the brief.

No comments:

Post a Comment

Please read our comment policy before making a comment.