Federal Reserve files appeal of July 31 federal court ruling that struck down much of interchange rule.
Letter says insurance firms must charge for true costs.
Former employee had cosigned on defaulted loan.
The NCUA won a big legal victory Aug. 27 when the U.S. 10th Circuit Court of Appeals in Denver ruled the regulator can proceed with its claims against Wall Street firms over mortgage backed securities sold to the failed U.S. Central Federal Credit Union.
Briefs filed this week lay out positions, including merchant coalition that banks and card brands would hike interchange while case moves forward.
Court documents from May revealed the Department of Homeland Security seized nearly $3 million from a business account at the $2.4 billion Veridian Credit Union in Waterloo, Iowa, over what the DHS said was an unlicensed money transmitting business operated by the business member’s client.
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.
Class action status also ordered in case over alleged unauthorized change in credit life disability insurance rates. Insurer pays $116,000 fine.
Angry Judge Richard Leon tells Fed its attorneys can "came come off vacation" and raises specter of damages from overcharges.
Papers to seize million-dollars suburban Cleveland home served on wife of fugitive former CEO Alex Spirikaitis.