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

Tuesday, August 27, 2013

Fed Asks Judge to ‘Stay’ Interchange Decision

The Federal Reserve formally requested that Judge Richard Leon allow the current debit interchange rule to remain in place while the Fed appeals his decision overturning the rule.

The Fed argued that numerous parties would suffer “irreparable harm” if the rule was not temporarily stayed and that serious legal questions on the merits of the case remain. It also pointed out that the plaintiffs—representatives of the retail and restaurant industries—also support retaining the current rule pending appeal.

Leon ruled last month that the Fed’s rule violated congressional intent in the Dodd-Frank Act by setting the interchange fee cap too high and failing to allow merchants to choose multiple unaffiliated PIN and signature networks for each card transaction they process.

Read the motion.


No comments:

Post a Comment

Please read our comment policy before making a comment.