Debit Fee Rule Meets Congress' Intent, Fed Tells DC Circ.

Law360, New York (October 22, 2013, 2:03 PM EDT) -- The Federal Reserve on Monday asked an appellate court to uphold its interchange fee rule, saying it had carried out with “complete fealty” Congress's mandate to lower the price and increase the routing options for consumers' debit card purchases.

In a brief filed before the D.C. Circuit, the Fed said a lower court applied unreasonable standards and relied too heavily on statements from Sen. Dick Durbin, D-Ill., rather than the text of the amendment to the Dodd-Frank Act that bears his name in tossing out the...
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