{"id":186982,"date":"2013-07-31T20:39:00","date_gmt":"2013-08-01T01:39:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2013\/07\/31\/federal-court-rules-that-federal-reserve-cannot-be-the-banksters-bitch-over-swipe-fees\/"},"modified":"2013-07-31T20:39:00","modified_gmt":"2013-08-01T01:39:00","slug":"federal-court-rules-that-federal-reserve-cannot-be-the-banksters-bitch-over-swipe-fees","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2013\/07\/31\/federal-court-rules-that-federal-reserve-cannot-be-the-banksters-bitch-over-swipe-fees\/","title":{"rendered":"Federal Court Rules that Federal Reserve Cannot Be the Banksters Bitch Over Swipe Fees"},"content":{"rendered":"<p>U.S. District Judge Richard Leon just ruled that the <a href=\"http:\/\/about.bloomberglaw.com\/legal-news\/feds-debit-card-swipe-fee-rules-rejected-by-u-s-judge\/\">Federal Reserve&#8217;s rules on debit card swipe fees are too bank friendly and ignore the statutory requirements of Dodd-Frank<\/a>:<\/p>\n<blockquote><p><span style=\"color: blue;\">The Federal Reserve disregarded Congress\u2019s intent when deciding how much banks can charge merchants for debit-card transactions, a judge ruled, rejecting Dodd-Frank-imposed regulations governing \u201cswipe\u201d fees.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">U.S. District Judge Richard Leon in Washington ruled today that the Fed didn\u2019t have the authority to set a 21-cent cap on debit-card transactions. Leon said the rule, which has been in effect since October 2011, would remain in place pending new regulations or interim standards.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">\u201cThe Board has clearly disregarded Congress\u2019s statutory intent by inappropriately inflating all debit card transaction fees by billions of dollars and failing to provide merchants with multiple unaffiliated networks for each debit card transaction,\u201d Leon said in his 58-page ruling.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">The groups, in a lawsuit filed in November 2011, said merchants will be \u201csubstantially harmed\u201d by the fees the Fed set under the Durbin Amendment, a provision of the Dodd-Frank legislation. The rule went into effect on Oct. 1, 2011.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">\u201cThe board\u2019s final rule permits banks to recover significantly more costs than permitted by the plain language of the Durbin Amendment and deprives plaintiffs of the benefits of the statute\u2019s anti-exclusivity provisions,\u201d the retailers argued in their complaint.<\/span><\/p><\/blockquote>\n<p>What?&nbsp; The law is not friendly enough to the banks, and so the Fed draws up regulations ignoring the law?&nbsp;<\/p>\n<p>I am so (not) surprised.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. District Judge Richard Leon just ruled that the Federal Reserve&#8217;s rules on debit card swipe fees are too bank friendly and ignore the statutory requirements of Dodd-Frank: The Federal Reserve disregarded Congress\u2019s intent when deciding how much banks can charge merchants for debit-card transactions, a judge ruled, rejecting Dodd-Frank-imposed regulations governing \u201cswipe\u201d fees.U.S. District &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,972,985],"tags":[],"class_list":["post-186982","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-justice","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/186982"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=186982"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/186982\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=186982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=186982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=186982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}