Fed's Limit On Debit-Card Swipe Fees Tossed By Judge

Law360, New York (July 31, 2013, 12:46 PM EDT) -- A federal judge in Washington on Wednesday said the Federal Reserve's 2011 rules limiting debit card transaction fees were “indefensible” and went counter to congressional intent to rein in so-called swipe fees, sending the rule back for a rewrite.

In a sharply worded 58-page opinion, Judge Richard J. Leon said that the Fed in many ways countermanded the so-called Durbin amendment to the Dodd-Frank Act, which aimed to both limit the fees that merchants are required to pay for processing debit card transactions and increase competition...
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