Next Step in Interchange Rule Case Begins Today
Washington, DC District Court holds a hearing today to determine whether the Federal Reserve Board should issue an interim final rule to lower the cap on debit card interchange fees; key issue at the hearing is whether card issuers should be required to refund to merchants excess fee income they earned in light of the court’s July 31 decision that the Fed did not follow Congressional intent when it set the current interchange fee cap. [8/21]