The ongoing fight over federal debit interchange regulations entered its newest round Oct. 21 as the Federal Reserve filed its appeal that seeks to reverse a July 31 District Court decision overturning its current rule.
Trades join bank associations in filing, say that original rule was bad and made worse by July court ruling.
Federal Reserve files appeal of July 31 federal court ruling that struck down much of interchange rule.
The debit card interchange cap will cost the $11.5 billion BECU between $35 and $45 million in 2014.
Electronic Payments Coalition report counters debit interchange savings found in retailers report issued earlier Tuesday.
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.
When will it end?
Latest round in battle between card brands and retailers seeks rejection of interchange settlement.
Fed said data it collected show all networks provided a higher average interchange fee to exempt issuers than non-exempt issuers in 2012.
The retail group, which had not been part of the original litigation, had been criticizing the settlement for months.