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Fed Appeals Interchange Ruling, Declines Interim Rule

Posted on 8/22/2013

The Federal Reserve yesterday appealed Judge Richard Leon's ruling overturning its debit interchange rule. The Fed during a hearing also requested that Leon allow the current rule to remain in place pending the appeal and said that it did not intend to issue an interim rule reducing the interchange fee cap.

Representatives of the retail industry, which opposes the Fed's interchange rule, indicated at the hearing that they would also support maintaining the current rule pending appeal. Leon said that he would rule on the matter after both sides have provided him with further information.

Leon ruled last month that the Fed's rule violated congressional intent in the Dodd-Frank Act by setting the interchange fee cap too high and failing to allow merchants to choose multiple unaffiliated PIN and signature networks for each card transaction they process.

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