Jeff For Banks
AUGUST 2, 2013
'This week, a US District Judge issued a snarky rebuke of the Federal Reserve''s 24 cents per debit card transaction cap, sometimes known in the common sense world as price fixing. Judge Richard Leon opined that a seven to twelve cent cap would be more in line with Dodd-Frank''s Durbin Amendment. How do I feel about the Durbin Amendment in general and how it likely came about can be discerned from a previous post.
Javelin Strategy & Research
JULY 31, 2013
Yesterday’s ruling from the United States District Court of Columbia, rejecting the Durbin Amendment was a significant win for retailers and a very significant loss for the card payments industry. Apparently, the “Final” ruling from the Federal Reserve Board of Governors in the summer of 2011 wasn’t that final. In the words of US District Judge Richard Leon, “The Fed didn't have the authority to set a 21-cent cap on debit-card transactions.
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