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Tuesday, August 19, 2014

Retailers Appeal Interchange Decision to Supreme Court

The plaintiffs in a legal challenge to the Federal Reserve Board’s interchange fee cap rule appealed to the Supreme Court. They sought to overturn a D.C. Circuit Court of Appeals ruling in March, which in turn reversed a lower court decision that would have required even lower debit interchange fee caps than the Fed’s rule calls for.

Last summer, a federal district judge said the Fed 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. ABA strongly disagreed with the decision and filed an amicus brief in the successful appeal.

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