Retailers Sue Fed Over Failure to Follow Congress’ Direction on Debit Card Swipe Fees
VMS
MAY 4, 2021
(PRESS RELEASE) WASHINGTON — Retailers have filed a lawsuit seeking to have the Federal Reserve lower its 10-year-old cap on “swipe” fees banks charge to process debit card transactions, saying the agency wrongly applied federal law and that merchants have paid billions of dollars more than intended by Congress while banks’ costs have fallen.
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