WASHINGTON (11/20/13)--Merchant briefs are due today in the ongoing debit interchange fee legal battle known as NACS, et al. v. Board of Governors of the Federal Reserve System.
The plaintiff merchants group has alleged that the Federal Reserve Board has made errors in implementing a Dodd-Frank-imposed debit interchange fee cap and Judge Richard Leon of the U.S. District Court for the District of Columbia issued a July decision to strike down the Fed's price caps on debit interchange fees.
Leon, however, stayed the vacated rule to avoid what the Credit Union National Association warned in an amicus brief would be chaos in the market.
The Fed filed its brief in support of its rule on Oct. 20.implementing the debit card interchange cap required by the Dodd-Frank Act. The brief must be submitted to the U.S. Court of Appeals for the District of Columbia Circuit.
The next round in the legal battle will be oral arguments for both sides at 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.