Retail trade associations and two large retailers appeal to the Supreme Court to rule on the Federal Reserve's debit interchange rule.
Retail trade associations and firms call the Fed's debit interchange rule an issue of staggering importance.
Last year's card security breaches forced community banks to reissue more than four million debit and credit cards.
Decision to close and reissue compromised cards cut fraud rate to fewer than 1% of customers.
Kansas City economist says debit cap increases access to no-fee accounts, especially in competitive markets.
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.
Justice Department, Federal Reserve also can appeal the Wednesday ruling that threw out the 21-cent cap set by Durbin Amendment.
The European Commission has proposed capping debit and credit card interchange at 0.2% and 0.3% respectively.
Merchant Payment Coalition says study claiming interchange impact did not include enough data.
Latest round in battle between card brands and retailers seeks rejection of interchange settlement.