Federal Reserve Sued Over Debit-Card Interchange Fee Rules
Law360 (April 30, 2021, 5:27 PM EDT) -- A pair of North Dakota trade associations filed a lawsuit against the board of the Federal Reserve Board on Thursday, saying the board has allowed unreasonable debit card processing fees to go unchecked for a decade, contrary to congressional intent.
The North Dakota Retail Association and North Dakota Petroleum Marketers Association accused the Board of Governors of the Federal Reserve of creating regulations that allowed debit card issuers to collect disproportional and unfair fees for transactions. Merchants have borne the cost of these fees for years, despite a provision in the 2010 Dodd-Frank Act that was supposed to keep the fees in...
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