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Appeals court orders Fed to rewrite debit swipe fee rule

Original: Appeals court upholds swipe fee decision, Fed must rewrite rule The Fed could be compelled to lower the cap banks are al

A US appeals court has upheld a ruling that the Federal Reserve set debit card interchange fees too high, ordering the central bank to rewrite its rule. The decision could force the Fed to lower the cap on what banks may charge merchants for processing debit transactions. Retailers have long argued the current cap is excessive, while banks warn lower fees would mean higher costs for consumers. The case stems from the Durbin Amendment under the Dodd-Frank Act.

Why now: The ruling could reshape billions of dollars in debit card fees between banks and merchants, affecting retailers, banks and consumers.

Federal ReserveUS Court of AppealsAmerican BankerUS merchantsDurbin Amendment

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• Appeals court upholds swipe fee decision, Fed must rewrite rule The Fed could be compelled to lower the cap banks are allowed to charge merchants to process debit card transactions https://www. americanbanker.com/news/appeal s-court-confirms-fed-set-interchange-fee-too-high #… · AlexJimenez@mas.to · 1

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