Saying that the debit card swipe fees set by the Federal Reserve were neither reasonable nor proportional, the National Retail Federation and other groups have sued the agency.
In the lawsuit, filed in U.S. District Court in Washington on Nov. 22, they alleged that the Fed failed to follow the intent of the Dodd-Frank bill, which mandated that the Fed regulate swipe fees.
The suit alleges that the Fed's rules "have allowed big banks to continue charging unjustifiably high swipe fees" that hurt retailers and their customers.
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