Price Caps on Debit Card Fees Struck Down
In a move that could have a serious impact on small credit unions, a U.S. District Court in Washington, DC struck down the Federal Reserve’s price caps on debit card interchange fees, with the judge stated that the Fed disregarded Congress’s intent; it is not certain yet whether the Fed will appeal the ruling, but the current price caps will remain in place for the interim time. [8/1]