Debit Card Fees Rule 'Clearly Disregarded' Congress' Intent, Judge Finds

Debit Card Fees Rule 'Clearly Disregarded' Congress' Intent, Judge Finds

WASHINGTON, D.C. - A federal judge in the District of Columbia on July 31 ordered that a rule governing debit card transaction fees be rewritten, saying that the Board of Governors of the Federal Reserve System has "clearly disregarded Congress' statutory intent by inappropriately inflating" the fees by billions of dollars and by failing to provide merchants with multiple networks for each transaction (NACS, et al. v. Board Of Governors Of The Federal Reserve System, No. 11-2075, D. D.C.; 2013 U.S. Dist. LEXIS 107581).

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