June 16, 2014

Merchants get more time to request Supreme Court review in debit case

June 17, 2014 – The Supreme Court has given merchant groups until July 21 to file their petition for review of the suit they lost against the Federal Reserve Board over debit interchange fees.

This March, a federal appeals court, overturning a lower court ruling, decided to uphold the Federal Reserve's debit interchange rule. NAFCU hailed the appeals court ruling as a win for credit unions even though it views the Fed's debit interchange fee cap as too low.

The association continues to advocate on behalf of its members for preserving credit union interchange fee income. The Fed's current rule sets a cap on charges to retailers at 21 cents per debit card transaction, not enough to provide a reasonable return.

NAFCU is closely monitoring developments related to the merchants' request for Supreme Court review of the case.