Lupin 2023

National Retail Federation chief administrative officer and general counsel Stephanie Martz

Retailers sue fed over failure to follow Congress’ direction on debit card swipe fees

Retailers sue fed over failure to follow Congress’ direction on debit card swipe fees

WASHINGTON – Retailers filed a lawsuit Thursday 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. “The Fed allowed

PP_1170x120_10-25-21