Since U.S. District Judge Richard Leon issued his shocking decision on July 31 that called for even more draconian price controls under Dodd-Frank’s Durbin Amendment, some legal commentators have given him the benefit of the doubt.
Fed, merchant coalition tell judge they plan to appeal debit interchange ruling.
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.
Hearing on Wednesday to focus on how Fed would replace interchange cap and network rules.
The credit union is making the addition through a deal with Dolphin Debit, the same ATM provider that is driving CU24's EasyATM program.
Judge raised the possibility of ordering card issuers to pay merchants while he gave Fed another week to explain how it would amend cap rule.
Angry Judge Richard Leon tells Fed its attorneys can "came come off vacation" and raises specter of damages from overcharges.
Whether or not the Federal Reserve can or will appeal the July 31 court decision that overturned two-thirds of its debit interchange regulation hinges on several unresolved legal questions.
ATMIA says decision last week cancels out a year of work on enabling U.S. payment network use of EMV standards.
Judge didn't hint outcome in oral arguments. Unresolved questions - including legal standing - about ability to appeal.