Industry groups weigh in on suit against the Federal Reserve
The American Bankers Association and the Independent Community Bankers of America have filed an amicus brief asking for reasonable and proportional debit interchange fees amid the retail merchant suit over the fairness of the cap established by the Federal Reserve. The merchants have accused the Fed of yielding to pressure from the banks and credit card companies in their final rule and have filed suit. The Fed altered its proposed rule that would have reduced bank interchange fees from an average of 44 cents per . . .
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