Merchants, Fed file emergency motion in interchange suit
Sept. 19, 2013 - Merchants and the Federal Reserve Board submitted a joint emergency motion to expedite briefing and consideration of the Fed’s appeal of a federal district court judge’s ruling to vacate the Fed’s debit interchange rule.
Under the proposed expedited schedule, amici – which include NAFCU – would have 30 days from the entry of the scheduling order. If the order comes out within the next week or two, and the request to expedite is granted, amici would have until late October or early November to file their brief.
Judge Richard Leon 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.
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