District of Columbia U.S. District Court Judge Richard Leon has announced that existing Federal Reserve rules implementing the interchange fee cap and network exclusivity provisions required by the Durbin Amendment will stay in place throughout an appeals process as the Fed seeks to overturn a July court ruling that declared those rules illegal. Leon is the judge that ruled the Fed did an inadequate job of implementing the Dodd-Frank interchange rule in 2011. He criticized the Fed for going beyond congressional intent when writing the rule by including too many items considered to be costs for card issuers. CUNA is part of a coalition that filed a brief with the court calling on Leon to maintain current interchange regulations as the Fed's appeal of his decision moves forward.
Read the complete story in CUNA's New Now here.
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