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TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA, Fed, merchants on for interchange oral arguments this morning
WASHINGTON (1/17/14)--A trio of U.S. Court of Appeals for the District of Columbia Circuit Judges today will hear interchange oral arguments from the Credit Union National Association and coalition partners, the Federal Reserve, and merchant representatives.

Circuit Judges David Tatel, Harry Edwards and Stephen Williams will hear the arguments in the ongoing debit interchange case known as NACS, et al. v. Board of Governors of the Federal Reserve System.

The hearing is scheduled to start at 9:30 A.M. (ET) and will feature 25 minutes of arguments from merchants, 10 minutes from financial services representatives and 15 minutes from the Fed.

The case centers on a merchant coalition challenge to the Fed's implementation of a Dodd-Frank Act-imposed debit interchange cap. The merchants allege the cap is too high. CUNA and its partners maintain that the cap, in fact, is too restrictive.

Watch News Now for coverage of the hearing.


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