DC Circ. OKs Fed's Limits On Debit Card Swipe Fees
Law360, New York (March 21, 2014, 1:04 PM EDT) -- The D.C. Circuit on Friday upheld the Federal Reserve's rules for debit card transaction fee limits, handing retailers a major defeat by overturning a lower court ruling that vacated the Fed's instructions.
A three-judge D.C. Circuit panel found that the Fed had reasonably interpreted the Dodd-Frank Act's so-called Durbin amendment when it finalized rules limiting the charges card issuers could pass along to retailers for processing debit card transactions.
The panel also found that vacating the rule "would lead to an entirely unregulated market" that could see swipe fee costs reach or exceed the 44 cents per transaction level that brought...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!