Legal battle continues over Federal Reserve's interchange rules stemming from Dodd-Frank.
Trades join bank associations in filing, say that original rule was bad and made worse by July court ruling.
The debit card interchange cap will cost the $11.5 billion BECU between $35 and $45 million in 2014.
The Federal Reserve may appeal U.S. District Court Judge Richard Leon’s interchange debit decision by arguing the judge gave undue weight to opinions of Senator Richard Durbin (D-Ill.) when evaluating the regulation.
In briefs filed August 28, all parties to a recent decision overturning the Federal Reserve’s debit interchange regulation urged U.S. District Court Judge Richard Leon to leave it in place until further appeals of his July 31 decision are exhausted.
Federal Reserve brief details its arguments in seeking stay of judge's rejection of much of interchange rules.
Briefs filed this week lay out positions, including merchant coalition that banks and card brands would hike interchange while case moves forward.
Washington appeals court posts schedule for Fed's Durbin overthrow appeal.
Some things to consider before filling in all the blanks, like maybe new UBIT tax, interchange rate and interest rate impact on the bottom line.
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.