Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Fed Files Reply in Interchange Case
WASHINGTON (12/5/13)--The Federal Reserve Board met its Dec. 4 deadline for filing its reply to merchants' arguments against the agency's implementation of the Dodd-Frank-imposed debit interchange fee cap.
 
In November, the merchants argued that that the U.S. Court of Appeals for the District of Columbia Circuit should affirm an earlier court decision that struck down the Federal Reserve's debit card interchange fee cap and network non-exclusivity regulations.
 
The Fed response Wednesday makes arguments to counter those of the merchants' that say the Fed made errors in implementing the rule and therefore the rule should be scrapped and rewritten.
 
The Fed made a request that the court reverse the judgment of the district court and that the case be remanded with instructions to enter judgment in favor of the Fed and its rule.
 
Circuit Judges David Tatel, Harry Edwards, and Stephen Williams will hear oral arguments from the Fed and merchants at 9:30 a.m. (ET) on Jan. 17.
 
The ongoing debit interchange fee legal battle known as NACS, et al. v. Board of Governors of the Federal Reserve System.


RSS





print
News Now LiveWire
About 1 in 5 #CUs offer credit-building loans,@SchenkMike @CUNA vice president of economics and statistics, told @CreditCardsCom
1 hour ago
RT @CUNA: DDoS attacks shorter, intense, more expensive: @VERISIGN HT @newsnowlivewire http://t.co/QiQKIEjK5v
1 hour ago
RT @CUNA: .@CUNACouncils launches new website. Offering site tours to current members. Check it out! http://t.co/YFJA1tKIxn
1 hour ago
.@Discover to support #ApplePay by fall http://t.co/3wDjkOVU7P HT @Forbes
3 hours ago
.@HUDgov requires investors to delay foreclosure for a year and offers a non-profit only pool sale http://t.co/WYzQrTL3QA
6 hours ago