Oral arguments between the Federal Reserve and merchants regarding the debit card interchange limits are scheduled to begin on Jan. 17, 2014 in the U.S. Court of Appeals for the District of Columbia Circuit, according to CUNA.
Fed rule currently in place limits debit interchange fees for issuers with assets of $10 billion or more to 21 cents. It also allows an additional five basis points per transaction to be charged to cover fraud losses. An extra penny may be charged by financial institutions that are in compliance with established fraud prevention standards. The interchange regulations will remain in effect as the court case moves forward.
Circuit Judges David Tatel, Harry Edwards and Stephen Williams will preside over the case. Full article.