Retailers petition Supreme Court to review debit fee cap ruling
Aug. 19, 2014
Declaring that the debate over debit card swipe fees is “of staggering importance,” a coalition of retailers has asked the U.S. Supreme Court to review an appeals court ruling that left the Federal Reserve debit fee cap in place at 21 cents rather than reducing it to Congress’ recommended 12 cent limit.
Under the Dodd-Frank Consumer Protection and Wall Street Reform Act of 2010, the Federal Reserve was required to adopt regulations that would result in debit swipe fees “reasonable and proportional” to the actual cost of processing a transaction…