Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Merchant Briefs Due Today In Interchange Case vs. Fed
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.


RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
13 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
14 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
15 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
15 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
18 hours ago