A U.S. District Court judge gutted the Federal Reserve's debit card regulatory regime July 31, ruling the Fed rule disobeyed the law and ordering the regulator to rewrite it.
Judge Richard Leon's comprehensive and often sarcastic 58-page opinion overturned the Fed's 21-cent cap on debit card interchange for issuers of more than $10 billion in assets and scrapped the Fed's requirement that all debit card issuers participate in at least two unaffiliated payments networks.
Both the cap and the unaffiliated network regulations flowed from the Durbin amendment, a piece of legislation that credit unions strongly opposed which was attached at the last moment to the 2010 Dodd-Frank regulatory reform law.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
