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.
This week, I received the same dreaded email that you did, or soon will: it’s time to work on the 2014 budget.
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.
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.
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.