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
Interchange Oral Arguments Set For Jan. 17
WASHINGTON (11/13/13)--The next round in an ongoing interchange legal battle between the Federal Reserve and merchants has been set: Oral arguments for both sides are set for 9:30 a.m.  (ET) on Jan. 17. The arguments will be heard by a three-judge panel in the U.S. Court of Appeals for the District of Columbia Circuit.

Circuit Judges David Tatel, Harry Edwards, and Stephen Williams will hear the appeal.

The oral arguments follow U.S. District Judge Richard Leon's July decision in favor of a merchant request to strike down the Fed's price caps on debit card interchange fees. He said that the Fed did not follow narrow congressional intent when it implemented the cap. The Fed has appealed that decision.

The Fed on Oct. 20 filed a brief in support of its rule implementing the debit card interchange cap required by the Dodd-Frank Act. The Credit Union National Association and financial services partners also filed an amicus brief on that date.

Merchant briefs in the case will be filed on Nov. 20.

The current Fed interchange fee cap rule limits debit interchange fees for issuers with assets of $10 billion or more to 21 cents, and allows an additional five basis points per transaction to be charged to cover fraud losses. An extra penny may be charged by financial institutions that are in compliance with established fraud prevention standards.

The interchange regulations will remain in effect as the court case moves forward.

Credit unions under $10 billion are exempt from the interchange fee cap rule, but not the network exclusivity provisions. CUNA maintains all credit unions, including those under $10 billion in assets, are negatively affected by these price controls in the marketplace.


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago