Judge to Fed: Rewrite Debit Rule Now
An irate judge threw the Federal Reserve another curve ball during an Aug. 14 hearing when he gave the regulator until Aug. 21 to persuade the court why its 21-cent interchange debit cap should not end.
Judge Richard Leon also chastised the Fed during the hearing for not being ready to discuss when it could put a new rule in place.
Shannen Coffin, of the Washington-based law firm Steptoe and Johnson, replied that they had not done so and would need time to come up with a figure.
“But surely a number is out there somewhere,” Leon said.