Three judges from the U.S. Court of Appeals for the DC Circuitwill meet Friday to ask questions about the Federal Reserve's debitinterchange regulation, much of which was overturned last July.
In an acerbic July 31 decision, U.S. District Court Judge Richard Leon threwout the regulation's cap on debit card interchange earned by cardsissued by financial institutions with more than $10 billion inassets. Leon's decision also voided how the Fed interpreted therequirements for how debit transactions should be processed.
The Fed appealed Leon's decision and an appeals court panel madeup of Judges David Tatel, Harry Edwards and Stephen Williams willhear from lawyers representing financial institution debit cardissuers, the Fed and the merchants Friday morning.
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