August 24, 2014

Merchants file petition to Supreme Court

Aug. 19, 2014 – Merchants on Monday filed a petition for a writ of certiorari to the Supreme Court regarding their suit challenging the Federal Reserve Board's debit interchange fee standard.

Monday was the deadline for the merchants to petition the court to review their suit, which was decided in the Fed's favor on appeal this spring. A federal appeals court, overturning a lower court ruling, decided March 21 to uphold the debit interchange fee standard and network exclusivity provisions of the interchange rule.

The Fed's current rule sets a cap on charges to retailers at 21 cents per debit card transaction.