Interchange: NAFCU, other amici in oral arguments today
Jan. 17, 2014 – NAFCU, with other amici, is participating in today’s oral arguments in the Federal Reserve Board’s appeal of a federal district court ruling that declared the Fed’s debit interchange rules invalid.
Today’s oral arguments, before a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit, are the next step in the Fed’s appeal of federal Judge Richard Leon’s ruling that the Fed’s debit interchange rule did not conform with requirements of the Dodd-Frank Act. Leon issued his ruling in July, but the Fed filed for an appeal and sought a stay while that appeal proceeds; Leon granted that stay.
Leon, in his July ruling, sided with merchants in declaring the Fed’s debit interchange fee cap was too high and that its network non-exclusivity provisions were contrary to the intent of Congress. NAFCU, which holds the current fee cap to be too low, filed with other amici in support of overturning Leon's decision.
In asking to participate, amici in the suit pointed to their members’ direct stake in the litigation.
Following today’s arguments, NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt will update members on the case.