Debit Card Fee Rule Is Legal Under Dodd-Frank, Fed Says

Law360, New York (April 16, 2012, 1:21 PM EDT) -- The Federal Reserve on Friday urged a judge to toss a suit by retailers challenging the level at which it has set debit card transaction fees, saying the level was reasonable and didn't overstep the Fed's authority to set the limits granted by the Dodd-Frank Act.

In a summary judgment motion lodged in Washington federal court, the Fed said the so-called Durbin amendment allowed it to permit banks to include costs in addition to the costs of authorizing, clearing and settling a particular electronic debit transaction...
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