Retailers Say Fed Ignored Congress In Debit Fee Rule

Law360, New York (March 5, 2012, 2:13 PM EST) -- Retailers challenging the Federal Reserve Board's restrictions on debit card fees on Friday said that the central bank went against Congress' intent in deciding how fees would be determined, and should not receive a deferential judicial review.

In a motion for summary judgment filed in federal court in Washington, the National Retail Federation and other industry groups said that the Federal Reserve went against the intent of the so-called Durbin amendment when it determined that banks could include costs not directly related to debit interchange transaction...
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