CUNA and NAFCU said Wednesday they have joined with a coalitionof financial institutions and other trade associations to urge afederal judge to not require the Federal Reserve to put a new debitrule in place while the fate of the original rule is still beforean appeals court.
Judge Richard Leon of the U.S. Circuit Court for the District ofColumbia overturned two thirds of the Federal Reserve's currentdebit regulation on July 31 and has stayed his opinion as he tookarguments about what should happen next. The deadline for thosearguments was Wednesday.
The coalition argued that Leon lacked the authority to order theFederal Reserve to put an interim final rule in place while thecase is still before the appeals court.
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