Search
 

Durbin Joins Wal-Mart, 7-Eleven in Interchange Battle

Sen. Dick Durbin (D-Ill.) files an amicus brief with the Supreme Court, arguing for a lower Fed interchange cap.

By Missy Baxter | Updated on September 26, 2014
Richard DurbinIn the latest skirmish in the 9-year legal battle over interchange fees, Wal-Mart, 7-Eleven and other retailers, joined by Senate Majority Whip Richard Durbin (D-Ill.), recently filed several briefs with the U.S. Supreme Court. The group seeks to change the Federal Reserve’s cap on debit card interchange fees that took effect three years ago.

The retailers and the author of the Durbin Amendment, pictured at left, contend that the interchange fee cap was set higher than Congress intended when it passed the Dodd-Frank Consumer Protection and Wall Street Reform Act of 2010, according to court documents and sources involved in the case.

Wal-Mart and 7-Eleven, which opted out of the $7 million antitrust settlement with Visa and MasterCard, filed separate amicus briefs last week, arguing the Fed misinterpreted the legislation’s intent and the fee cap should be lowered, said attorney Jeffrey Shinder, who represents 7-Eleven and a group of small ticket merchants involved in the litigation.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.