Federal appeals court strikes down the Fed’s debit card fee cap

For more than a decade, bankers and merchants have operated under the Fed’s 21-cent cap on debit card interchange fees. Now, that cap could be on its way out after the Eighth U.S. Circuit Court of Appeals upheld a ruling that found the rate was set too high. The decision could reshape how banks are […] The post Appeals Court Challenges Fed’s Debit Fee Cap appeared first on PaymentsJournal .

Court says the Fed must rewrite the rule capping how much banks can charge for processing debit card transactions. ABA called the decision disappointing, The post Federal appeals court strikes down the Fed’s debit card fee cap appeared first on ABA Banking Journal .

The Federal Reserve’s debit card interchange rule doesn’t follow the intent of Congress in setting a limit for swipe fees, an appellate court ruled Monday.

A federal appeals court has upheld a lower court ruling striking down the Federal Reserve’s 21-cent cap on debit card interchange fees. This latest decision was handed down Monday (Oct. 26) by a three-judge panel of the 8th U.S. Circuit Court of Appeals, affirming a ruling last year that vacated the cap. The decision stems […] The post Fed’s Debit Card Swipe Fee Rule Quashed By Appeals Court