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Fed to appeal rejection of cap on debit-card fees
First Published Aug 21 2013 01:54 pm • Last Updated Aug 21 2013 01:54 pm

WASHINGTON • The Federal Reserve is appealing a court ruling that rejected its cap on how much banks can charge businesses for processing debit card transactions.

Scott Alvarez, general counsel for the Fed, told a federal judge Wednesday that it opposed U.S. District Judge Richard Leon’s ruling last month. Leon said the Fed’s cap of 24 cents per swipe set in 2011 is too high.

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The rule remains in place in the meantime.

Congress mandated a cap on debit-card swipe fees as part of the 2010 financial regulatory overhaul. Prior to the cap, fees averaged 44 cents per swipe.

Leon’s ruling was a victory for a coalition of retail groups, which sued the Fed over its cap.




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