The U.S. Court of Appeals for the District of Columbia hasaccepted the Federal Reserve's request to appeal a lower court'sruling overturning two-thirds of its debit interchangeregulation.
The Appeal's Court posted a schedule for the case on Tuesday.Parties involved in the case have to have procedural and technicaldocuments into the court by no later than Sept. 26 and arguments infavor of their positions by Oct. 11.
|The National Retail Federation and other merchants and merchantassociation sued to overturn the regulation and U.S. District CourtJudge Richard Leon agreed with them on July 31. He stayed hisdecision pending appeal.
|The stay remains in effect until Leon reviews arguments fromboth the Federal Reserve and the merchants about how quickly a newregulation could be drafted. Those arguments have to be tothe judge by Thursday.
|Related:
- Judge Throws Out Fed's Debit Cap
- CUNA, NAFCU Assail Ruling
- Ruling Could Force CUs to AddProcessors
- Aug. 14 Hearing Set on CapRuling
- Financial Researchers Rate Chances ofAppeal
- Judge Gives Fed One More Week
- Doubts Whether CUs Would Pay
- Fed Gets Another ChanceWednesday
- Flawed Ruling Boosts Fed's Odds: GuestOpinion
- Fed, Merchants Join on Expedited Appeal
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