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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 ...
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 ...
Judge rejects $30B Visa, Mastercard ‘swipe fee’ settlement. Taylor Giorno. June 25, 2024 at 12:59 PM. A federal judge Tuesday rejected a $30 billion antitrust settlement between Visa, ...
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]
Dodd-Frank required the Federal Reserve to write rules for swipe fees on debit card purchases. [18] Richard Durbin , the senator from Illinois who was the main proponent of those rules, has called the proposed settlement on credit card swipe fees, "gives Visa and MasterCard free rein to carry on their anti-competitive swipe-fee system with no ...
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.
She said swipe fees have become a particular problem since the pandemic, when the use of cash plummeted. Most people use cards now, which means the roughly 3% swipe fee she pays eats up a lot more ...
The settlement called for the average swipe fee to fall at least 0.04 percentage points for three years, and stay at least 0.07 percentage points below the current average for five years.