Fed's Debit Card Fee Rule Warps Dodd-Frank, Merchants Say

Law360, Washington (October 2, 2012, 8:34 PM EDT) -- A retail and convenience store coalition urged a Washington federal judge on Tuesday to toss the Federal Reserve's rule on debit card transaction fees, claiming the board ignored Congress' intent for the fees under the Dodd-Frank Act and saddled small-transaction businesses with steep costs.

The retailers alleged on Tuesday during oral arguments for dueling motions for summary judgment that the Fed completely changed its interpretation of the so-called Durbin amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 when making its final...
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