Appeals court grants emergency motion in interchange
Sept. 19, 2013 – A federal appellate court has granted a joint request by merchants and the Federal Reserve Board for expedited briefing and consideration of the Fed’s appeal of a district court ruling to vacate the Fed’s debit interchange rule.
The expedited schedule gives the Fed until Oct. 21 to submit its brief in the appeal. Amici – which include NAFCU – also have until Oct. 21 to submit their brief supporting the appeal.
Judge Richard Leon, of the U.S. District Court for the District of Columbia, has yet to indicate whether he will issue a stay while the Fed’s appeal proceeds, or on the issue of whether the Fed must issue an interim rule to supplant the current rule. If the judge declines to grant a stay, the parties are likely to seek one from the court of appeals.