The Hill reports that a number of trade associations - including the Food Marketing Institute (FMI), the National Association of Convenience Stores (NACS), the National Retail Federation (NRF), and the National Restaurant Association (NRA) - have " asked the U.S. Supreme Court to review a March ruling that upheld the Federal Reserve’s debit card swipe fee rules." The petition asks the Supreme Court "to examine the decision that left the swipe fee cap at 21 cents per transaction, rather than lowering it."
The argument is that "the 21-cent figure included costs that went beyond those allowed" by Dodd-Frank legislation."
The retailers originally won the case in US District Court, but lost on appeal, and now is challenging that ruling in the Supreme Court.
The argument is that "the 21-cent figure included costs that went beyond those allowed" by Dodd-Frank legislation."
The retailers originally won the case in US District Court, but lost on appeal, and now is challenging that ruling in the Supreme Court.
- KC's View:
