The Federal Reserve announced in an Aug. 21 court hearing it will defend its current debit interchange rule before an appeals court. And in a twist, the Fed also said it will join forces with its opponents to seek a speedy appeal decision.
U.S. District Court Judge Richard Leon gutted the existing interchange rule in a July 31 decision that overturned both the debit interchange cap for large asset debit issuers and a provision meant to guarantee network competition.
Only four credit union debit issuers have enough assets to have their interchange capped, but all credit unions that issue debit cards are covered by the rule's network competition provisions.
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