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.
LAS VEGAS — Annual loss of revenue to $11.5B credit union could increase if Federal Reserve rewrites rule, BECU exec tells ACUMA confab.
Federal Reserve has until October 20 for appeal arguments; merchants have until November 20
Each side presented its own reasons for seeking a speedy decision in the case.
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.