Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Merchant Briefs Due Today In Interchange Case vs. Fed
WASHINGTON (11/20/13)--Merchant briefs are due today in the ongoing debit interchange fee legal battle known as NACS, et al. v. Board of Governors of the Federal Reserve System.
 
The plaintiff merchants group has alleged that the Federal Reserve Board has made errors in implementing a Dodd-Frank-imposed debit interchange fee cap and Judge Richard Leon of the U.S. District Court for the District of Columbia issued a July decision to strike down the Fed's price caps on debit interchange fees.  
 
 Leon, however, stayed the vacated rule to avoid what the Credit Union National Association warned in an amicus brief would be chaos in the market.
 
The Fed filed its brief in support of its rule on Oct. 20.implementing the debit card interchange cap required by the Dodd-Frank Act. The brief must be submitted to the U.S. Court of Appeals for the District of Columbia Circuit.
 
The next round in the legal battle will be oral arguments for both sides at  9:30 a.m.  (ET) on Jan. 17. The arguments will be heard by a three-judge panel in the U.S. Court of Appeals for the District of Columbia Circuit.

Circuit Judges David Tatel, Harry Edwards, and Stephen Williams will hear the appeal.


RSS print
News Now LiveWire
.@CFPB today finalized changes 2 remittance rule, proposed in April. See rule here: http://t.co/tPs6Mlimni
17 hours ago
State OKs Floridacentral #creditunion's bank branch purchase #NewsNow http://t.co/37uXorWsmV
20 hours ago
Today is deadline to order your T-shirt for #MiracleJeansDay @CU4Kids @CMNHospitals http://t.co/UXIqW3cFN6
20 hours ago
#Creditunion #100MM on display with @NWCUA's Minickiello, Wash. Rep. Sharon Tomiko Santos at @NCSLorg @CUNAadvocacy http://t.co/xVwnS39uEM
21 hours ago
Fraudsters hit @jpmorgan with smash and grab #phishing campaign http://t.co/VEkAvctYLJ
21 hours ago