NAFCU expected to file a brief today on interchange case
Aug. 28, 2013 – NAFCU anticipates filing an amicus brief with other financial trades today regarding Federal Judge Richard Leon’s request to discuss whether the Federal Reserve should issue an interim final rule to correct the debit interchange rule that was recently vacated.
The Fed Board, represented by General Counsel Scott Alvarez at the hearing on Aug. 21, filed an expedited appeal and requested a stay of the court’s decision pending the appeal. Leon continued the current stay of the July 31 decision until he decides whether or not to grant the stay pending appeal and ordered parties to file pleadings by Aug. 28.
Late Monday evening, the Fed filed a consent motion for a stay of Leon’s decision, pending appeal. Both the Fed and merchants agree that a stay is in the best interest of both parties as the Fed has shown no interest in issuing an interim final rule in this case.
Briefs on whether the Fed should issue an interim final interchange rule are due to Leon today. The Fed, merchants and financial trades groups will submit views. NAFCU will keep members apprised of today’s filings with breaking news alerts, a video message and an email from President and CEO B. Dan Berger.
NAFCU interchange fees issue page