NACS v. Board of Governors of the Federal Reserve System Oral Argument
2014-01-23T22:37:46-05:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvZWY5XC8yMDE0MDEyMzIzMDg0MDAwM19oZC5qcGciLCJlZGl0cyI6eyJyZXNpemUiOnsiZml0IjoiY292ZXIiLCJoZWlnaHQiOjUwNn19fQ==A three-judge panel of the District of Columbia Circuit Court of Appeals heard oral argument in NACS v. Board of Governors of the Federal Reserve System, which concerns caps on the debit card swipe fees charged to retailers. Under the Dodd-Frank Act, the Federal Reserve can place a cap on debit card swipe fees that is “reasonable” and “proportional” to the banks' actual transaction costs. These fees, set at 44 cents by Visa, MasterCard, and other cards networks prior to the law, was reduced to 21 cents by the Federal Reserve in 2011. A group of retailers argued the fees were still too high and won in the lower district court. That decision was being reviewed by this court.
A three-judge panel of the District of Columbia Circuit Court of Appeals heard oral argument in NACS v. Board of Governors of the Federal Re… read more
A three-judge panel of the District of Columbia Circuit Court of Appeals heard oral argument in NACS v. Board of Governors of the Federal Reserve System, which concerns caps on the debit card swipe fees charged to retailers. Under the Dodd-Frank Act, the Federal Reserve can place a cap on debit card swipe fees that is “reasonable” and “proportional” to the banks' actual transaction costs. These fees, set at 44 cents by Visa, MasterCard, and other cards networks prior to the law, was reduced to 21 cents by the Federal Reserve in 2011. A group of retailers argued the fees were still too high and won in the lower district court. That decision was being reviewed by this court. close
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Shannen Coffin Attorney -
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- Katherine H. Wheatley Associate General Counsel Federal Reserve->Board of Governors
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