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Wednesday, August 14, 2013

Fed & District Court to Hold Status Hearing on Next Steps for Interchange

All parties to the interchange lawsuit, including the Federal Reserve and retailers, are meeting this morning with the district court that ruled against the Board’s interchange rule to discuss potential next steps before the judge issues a final ruling. While the Board could indicate whether or not it intends to appeal, it is also possible that it may ask for more time to evaluate its options.

The court ruled earlier this month that the Fed “disregarded Congressional intent” when it included fixed costs, fraud prevention costs, fraud losses, and network fees when calculating the debit interchange fee cap.

ABA has expressed deep disappointment by the court’s decision which will harm banks of all sizes and make it more difficult of banks to serve their customers.

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