WASHINGTON (8/14/13, UPDATED: 12:25 P.M. ET)--Judge Richard Leon this morning set a swift schedule for the Federal Reserve Board to revise its debit interchange cap rule, asking Fed attorneys to return to his court room within one week with the board's thoughts on issuing an interim final rule.
He also asked for an interim final rule implementation timeline. The Fed needs to move expeditiously, Leon stressed.
The Fed attorney said there are a range of options for responding to the debit interchange issue.
Leon today extended the current stay on the interchange rule for an additional week. He also set a schedule for discussing damages and other issues related to the case. That hearing will be held in 30 days.
"CUNA will continue to follow the progress of debit interchange. It is a serious issue for credit unions and we are exploring a variety of options to ensure credit unions' interests are protected in any changes to the debit interchange regulation," said CUNA President/CEO Bill Cheney.
Today's U.S. District Court for the District of Columbia hearing follows Leon's July 31 decision to strike down the Fed's price caps on debit interchange fees. He ruled at that time that the Fed did not follow narrow congressional intent when it implemented the cap and other changes imposed by what is known as the Durbin amendment.
He also said in that ruling that the Fed would have some time to redraft its rules--but did not specify how much time.