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Related: About this forumFed appeals ruling on its debit-card fee cap
Source: Associated Press
Fed appeals ruling on its debit-card fee cap
AP foreign, Wednesday August 21 2013
WASHINGTON (AP) - The Federal Reserve is appealing a recent court ruling that struck down its cap on how much banks can charge businesses for processing debit card transactions.
The Fed filed a notice Wednesday that it is seeking in a federal appeals court to overturn U.S. District Judge Richard Leon's ruling last month. Leon said at the time that the Federal Reserve didn't have the authority to set the limit the way it did in 2011, and that it improperly included data that made the cap - an average 24 cents per transaction - too high.
Congress mandated a ceiling on debit-card swipe fees as part of the 2010 financial regulatory overhaul. Prior to the cap, fees averaged 44 cents per swipe. Leon's ruling was a victory for a coalition of retail groups, which sued the Fed over its cap. The Fed had initially proposed a 12-cent fee limit, and the retailers argued that the Fed buckled under pressure from bank lobbyists when it doubled that level.
The rule remains in place in the meantime.
AP foreign, Wednesday August 21 2013
WASHINGTON (AP) - The Federal Reserve is appealing a recent court ruling that struck down its cap on how much banks can charge businesses for processing debit card transactions.
The Fed filed a notice Wednesday that it is seeking in a federal appeals court to overturn U.S. District Judge Richard Leon's ruling last month. Leon said at the time that the Federal Reserve didn't have the authority to set the limit the way it did in 2011, and that it improperly included data that made the cap - an average 24 cents per transaction - too high.
Congress mandated a ceiling on debit-card swipe fees as part of the 2010 financial regulatory overhaul. Prior to the cap, fees averaged 44 cents per swipe. Leon's ruling was a victory for a coalition of retail groups, which sued the Fed over its cap. The Fed had initially proposed a 12-cent fee limit, and the retailers argued that the Fed buckled under pressure from bank lobbyists when it doubled that level.
The rule remains in place in the meantime.
http://www.theguardian.com/world/feedarticle/10940531
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Fed appeals ruling on its debit-card fee cap (Original Post)
Eugene
Aug 2013
OP
Demeter
(85,373 posts)1. Again that American lament
why do we have to go to England to hear about events that only affect OUR lives?
Warpy
(111,256 posts)2. Silly, because the Kardashians don't do their own shopping
with ATM cards. If they did, maybe the news would report their displeasure with doubled fees. If they noticed.
Demeter
(85,373 posts)3. What are you talking about?
Are those characters from Dr. Who?
bemildred
(90,061 posts)4. Should be $.03 per transaction, or less. nt