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The Federal Reserve’s current debit interchange rule doesn’t address the costs of fraud, and it’s unlikely to be included in any reform an appeals court may hand down.

When the three-judge panel from the U.S. Appeals Court for the DC Circuit met Jan. 17 to evaluate Judge Richard Leon’s July 31 decision overturning the Fed’s debit regulation, it only tangentially touched upon the costs of fraud and fraud prevention as part of the costs of debit transactions. In large part, the appeals panel avoided the topic because fraud costs are part of a separate rule the retail plaintiffs did not challenge.

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