Hearing May Address Card Issuer Refunds to Merchants
In a hearing scheduled for this Wednesday, the Federal Reserve will advise a federal district court judge on whether it can issue an interim final rule to lower the debit interchange fee cap and to revise the network requirements; hearing follows the district court’s ruling that invalidated the Fed’s current debit card interchange rule and could potentially lead to a requirement that card issuers refund merchants for a portion of the fees charged since the Fed’s final rule went into effect. [8/19]
