Five years after the introduction of the Durbin Amendment, which put a cap on the debit fees financial institutions could charge merchants, the Federal Reserve is now explaining part of how it came up with its controversial $0.21-plus-0.05%-per-swipe limit.
The explanation comes at the behest of a U.S. District Court as part of a ruling on a suit in which the National Association of Convenience Stores claimed that, among other things, the Fed used flawed methodology to calculate the fee limit.
According to its eight-page explanation issued yesterday, the Fed is standing by its math.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
