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The Federal Reserve is expected to issue further information in about 60 days on its reasoning for calculating transaction-monitoring costs in the base interchange fee calculation under its rule implementing the Durbin Amendment of the Dodd-Frank Act.

The 60 days was agreed to by the Fed in a status conference held Monday on this one remaining issue from the merchants' suit against the Fed over its debit interchange rule.

Counsel for the Federal Reserve argued the court should allow the Fed to issue its guidance without the court's ongoing supervision since the issue was directly remanded to the Fed by the U.S. Court of Appeals. Leon said he would issue an order Monday to keep the case within the jurisdiction of the district court until the Fed releases its formal guidance.

Leon expressed skepticism that the Fed would issue guidance "that everyone could be happy with." He said he is not sure what action, if any, will need to be taken after the Fed's reasoning is issued.

NAFCU will continue to monitor the release from the Federal Reserve later this summer regarding the transaction-monitoring costs discussion.