NRF | Retailers Sue Fed Over Failure to Follow Congress' Direction on Debit Card Swipe Fees
"Banks should not be handed a growing windfall at the expense of Main Street stores and consumers." NRF General Counsel Stephanie Martz WASHINGTON – Retailers filed a lawsuit today seeking to have the Federal Reserve lower its 10-year-old cap on “swipe” fees banks charge to process debit card transactions, saying the agency wrongly applied federal law and that merchants have paid billions of dollars more than intended by Congress while banks’ costs have fallen. “The Fed allowed fees that were much too high in the first place,” National Retail Federation Chief Administrative Office...
Source: nrf.com