Merchants file brief in interchange case
Aug. 28, 2013 – Plaintiffs in the debit card interchange fee case – merchant groups – filed their brief to Federal Judge Richard Leon today regarding whether the Federal Reserve should issue an interim final rule or not.
In the latest interchange hearing Aug. 21, Leon was surprised to find out that the merchants favored a stay, pending appeal, of his July 31 ruling. Merchants fear that the Fed will not issue an interim rule if Leon vacates his stay, which means the markets would be left to dictate an interchange fee and financial institutions would not be accountable to or limited by any standing rule.
All parties – merchants, the Fed, and NAFCU, along with other trade groups – agree that a stay of the status quo is the best option in this case.
NAFCU will continue to keep members informed of any new developments.
NAFCU interchange fee issues page