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...

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