Retailers Sue Fed Over Debit Transaction Fees Cap

Law360, New York (November 22, 2011, 7:59 PM EST) -- The National Retail Federation and other retail organizations on Tuesday sued the U.S. Federal Reserve in Washington federal court for allegedly caving to banks and adopting an unreasonably high cap on debit card transaction fees.

The retailers contend that the Fed's rule on debit interchange transaction fees, which debit card issuing banks charge to the merchants that accept those cards, allows banks to continue charging inflated fees and runs afoul of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The final rule became...
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