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.
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.
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.
A U.S. District Court judge gutted the Federal Reserve’s debit card regulatory regime July 31, ruling the Fed rule disobeyed the law and ordering the regulator to rewrite it.
Judge didn't hint outcome in oral arguments. Unresolved questions - including legal standing - about ability to appeal.
Federal judge throws out Durbin Amendment's 21-cent cap in emphatic ruling.
The National Retail Federation announced last week that it will formally oppose the final settlement of litigation between retailers, Visa and MasterCard and a number of the largest card issuers.
Latest round in battle between card brands and retailers seeks rejection of interchange settlement.
The retail group, which had not been part of the original litigation, had been criticizing the settlement for months.