Archive

Go to:

September 2017
SMTWTFS
12
3456789
10111213141516
17181920212223
24252627282930
< Aug Oct >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

Fed to Appeal Judge's Interchange Ruling
Thursday, August 22, 2013 7:00 AM

The Federal Reserve said yesterday it will appeal a judge's decision tossing out rules dictating how much banks can charge merchants when swiping a customer's debit card.

According to a Wall Street Journal report, Scott Alvarez, the Fed's top lawyer, said at a hearing before U.S. District Judge Richard Leon that the central bank will also ask the court to stay its ruling pending the appeal. Such a move would allow the fees to remain at current levels while the court considers the Fed's challenge.

The Fed's decision to appeal the ruling throws another wrinkle into a long-running battle between retailers and banks over the billions of dollars in fees associated with debit cards, reports the Wall Street Journal. Last month, Judge Leon ruled the Fed didn't do enough to limit the fees and set the cap too high, allowing banks to overcharge merchants.