TAGS: cashless vending, Federal Reserve appeal, 21¢ cap on fees, debit card transactions, Judge Richard Leon, National Retail Federation
WASHINGTON -- The Federal Reserve is appealing a court ruling that struck down the 21¢ cap on fees that banks can charge retail stores for debit card transactions.
Judge Richard Leon of the U.S. District Court for the District of Columbia ruled in late July that the Fed's 21¢ fee limit per transaction was higher than Congress intended as part of the 2010 Dodd-Frank law. | READ MORE
The ruling was considered a win for the National Retail Federation and other groups that had filed a lawsuit claiming that the Fed's swipe fee cap was too high.
The Fed filed its appeal of Leon’s ruling on Aug. 22.
Leon said last week that he wanted the Fed to put temporary rules in place that would lower the cap immediately until new rules are finalized. In their appeal, Federal Reserve attorneys asked Leon to keep the current cap in place until an appeals court weighs in.