WASHINGTON (10/21/13)--Today the Federal Reserve Board's brief is due in support of its rule implementing the debit card interchange cap required by the Dodd-Frank Act. The brief must be submitted to the .S. Court of Appeals for the District of Columbia Circuit.
In July, Judge Richard Leon of the district court ruled to strike down the Fed's price caps on debit interchange fees. He said that the Fed did not follow narrow congressional intent when it implemented the cap. The Fed has appealed that decision.
The Credit Union National Association and its financial services partners will file an amicus brief today.
At the urging of both sides party to the lawsuit--the merchants' group plaintiffs and defendant Fed--as well as CUNA and its partners, Leon issued a stay in September to keep the Fed rules in place during the court proceedings.
CUNA's partners in filing the brief are the American Bankers Association, Consumer Bankers Association, Electronic Payments Coalition, Financial Services Roundtable, Independent Community Bankers of America, Midsize Bank Coalition of America, National Association of Federal Credit Unions, and National Bankers Association. The case is known as NACS, et al. v. Board of Governors of the Federal Reserve System.