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WASHINGTON (Reuters) -The U.S. Supreme Court on Monday revived a North Dakota convenience store's challenge to a Federal Reserve regulation on debit card "swipe fees" in a ruling that could make ...
In March 2024, a settlement in the injunctive relief portion of the payment card interchange fee case was announced to reduce what are known as "swipe fees" for merchants in the U.S. This change, set to last five years, was expected to save retailers about $30 billion and mark the end of a long-standing legal battle over antitrust issues ...
A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday. The ruling likely means the credit card ...
WASHINGTON (Reuters) -U.S. Supreme Court justices on Tuesday grappled with a North Dakota convenience store's challenge to a government regulation on debit card "swipe fees" - a case that could ...
One part of the Act, the Durbin amendment, required the Federal Reserve Board to promulgate a regulation limiting fees for debit-card transactions. In 2011, the Board published its final rule, which set the maximum transaction fee at $0.21 plus 0.05% (5 basis points). [1] Several merchant groups challenged the rule in 2011 in NACS v.
In July 2013, U.S. District Judge Richard Leon ruled that the Federal Reserve did not comply with the Durbin amendment when crafting a rule to limit debit card swipe fees. Judge Leon ordered the Federal Reserve to re-write its rule governing the cap on debit card swipe fees and implement a temporary regulation as well. [17]
The justices ruled 6-3 in favor of a truck stop in North Dakota that wants to sue over a regulation on debit card swipe fees that the federal appeals court in Washington upheld 10 years ago ...
In the EU, interchange fees are capped to 0.3% of the transaction for credit cards and to 0.2% for debit cards, while there is no cap for corporate cards. [3] In the US, card issuers now make over $30 billion annually from interchange fees. Interchange fees collected by Visa [4] and MasterCard [5] totaled $26 billion in 2004. In 2005 the number ...