CUNA, NAFCU Argue Against Interim Debit Cap Rule
CUNA and NAFCU said Wednesday they have joined with a coalition of financial institutions and other trade associations to urge a federal judge to not require the Federal Reserve to put a new debit rule in place while the fate of the original rule is still before an appeals court.
Judge Richard Leon of the U.S. Circuit Court for the District of Columbia overturned two thirds of the Federal Reserve's current debit regulation on July 31 and has stayed his opinion as he took arguments about what should happen next. The deadline for those arguments was Wednesday.