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Judge Says Federal Reserve's Interchange Rule Disregards Congress' Intent

 

Aug 1 - A federal judge has concluded that the Federal Reserve Board "has clearly disregarded Congress's statutory intent by inappropriately inflating all debit card transaction fees by billions of dollars and failing to provide merchants with multiple unaffiliated networks for each debit card transaction" in its interchange rule. Until the Fed revises its rule, the current rate cap will remain in effect, according to the judge. 

Click here for the ruling.


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