Judge Blocks Federal Reserve's Rules on Debit Card Fees
Says the Fed ignored congressional intent
The Federal Reserve disregarded the Congress's intent in deciding how much banks can charge merchants for debit-card transactions, a judge ruled, handing a victory to retailers who challenged the fees as being too high.
U.S. District Judge Richard Leon in Washington ruled today that the Fed considered data it wasn't allowed to use in setting a 21-cent cap on debit-card transaction fees under the Dodd-Frank law. Leon said the rule, in effect since October 2011, would remain in place until the Fed drafts new regulations or interim standards.