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Commercial Card News Brought to You by the NAPCP: Industry Regulation

Court ruling puts debit interchange in the U.S. back to the Fed’s drawing board

Thursday, August 1, 2013   (1 Comments)

On July 31, 2013, a court ruled in favor of the lawsuit initiated by various retail associations in November 2011 over the Federal Reserve's June 2011 rules concerning debit interchange. (The Fed's rules were a result of the Durbin Amendment—part of the Dodd-Frank Wall Street Reform and Consumer Protection Act passed in 2010.)

The retail associations, including the National Retail Federation (NRF), had argued that the Fed inflated the final rates—set at more than 20 cents per transaction, deviating from its original proposal in December 2010 that would have capped debit interchange at 12 cents. Judge Richard J. Leon agreed with the plaintiffs.

Read related press release from the NRF.

Members, see a synopsis of what has occurred since debit interchange regulation took effect in October 2011.

Comments...

Lynn Larson says...
Posted Monday, August 19, 2013
Following the July 31 court decision that the Federal Reserve set debit interchange rates too high, the judge in the case blasted the Fed’s slow response (or lack thereof) to the ruling. Judge Leon is also in favor of retailers receiving reimbursement for the "inflated fees" they have paid since debit interchange regulation went into effect on October 1, 2011.

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