Senator Dick Durbin (D-Ill.) has weighed in with the U.S. Supreme Court, arguing that the Federal Reserve’s rule on the debit “swipe fee” failed to follow the law, according to published reports.
09-26-2014 The legal challenge over the transaction fees that retailers are forced to charge customers when they swipe a debit card moved one step closer to the Supreme Court Aug. 18, when retail and merchant groups petitioned the nation’s highest court to hear the case.
08-20-2014 The legal challenge over transaction fees that retailers are forced to charge customers when they swipe a debit card could head to the Supreme Court, after the National Retail Federation said it plans to petition the nation’s highest court to hear the case.
06-05-2014 A U.S. Appeals Court on March 21 upheld the Federal Reserve’s rules governing debit card interchange fees, dealing a major blow to retailers who have fought to reduce the transaction fees they are charged when customers swipe a debit card. The ruling reverses a lower court’s decision last year that the Federal Reserve had set the cap on debit card transactions too high.
03-21-2014 Payment processing fees take a big bite out of your profits, but since 2005, NATSO members have saved tens of thousands of dollars annually through NATSO’s First Data program.
01-13-2014 Swipe fee reform is benefitting consumers by forcing banks to compete, according to a December report released by the Kansas City Federal Reserve Bank. The detailed 36-page report shows that for the average customer, free checking became more available after interchange fee reform. The report also proves that detractors’ skewed studies based on partial information are wrong.
12-12-2013 The U.S. Federal Reserve Board has filed its appeal of U.S. District Judge Richard Leon’s decision that rejected the swipe fee rules that have been in place since October 2011, arguing that it followed the law. The Fed also accused retailers of a misguided interpretation of certain aspects of the legislation.
10-25-2013 The U.S. District Court in Washington has agreed to maintain the current regulations governing swipe fees while the Federal Reserve appeals the recent ruling that it set the cap on debit transactions too high.
09-23-2013 The Federal Reserve has asked the court to keep the current regulations governing swipe fees in place while it appeals the recent ruling by the U.S. District Court in Washington that it set the cap on debit card transactions too high.
08-28-2013 The Federal Reserve announced late Aug. 21 that it will appeal the recent ruling by the U.S. District Court in Washington that it set the cap on debit card transactions too high.
08-22-2013 The judge who rejected the Federal Reserve’s regulations governing debit fees under the Dodd-Frank Wall Street Reform and Consumer Protection Act gave the Federal Reserve just one more week to come up with a position on interim fee reductions and a timeline for permanently installing new lower fees. He also suggested that retailers should be repaid by financial services companies for millions of dollars in overcharges.
08-16-2013