The National Association of Convenience Stores, the Food Marketing Institute, the National Restaurant Association, the National Retail Federation, Boscov’s and Miller Oil Co. all filed the petition asking the court to have another look at the Federal Reserve’s decision to cap swipe fees at 21 cents per transaction instead of lowering it.
Originally, the Federal Reserve had pegged the average incremental cost at four cents per transaction and suggested the cap should be no higher than 12 cents. However, its final decision didn’t reflect those numbers.
“There’s so much at stake here for U.S. retailers and their customers that we have no choice but to pursue this case as far as possible,” Mallory Duncan, the National Retail Federation’s senior vice president and general counsel, was quoted as saying.
“When a federal agency blatantly disregards the clear intent of legislation passed by Congress and signed into law by the president, that’s a dispute that cannot be ignored.”
About 8 million merchants in the United States accept debit cards, so any decision will have far-reaching impact.
*Source: The Hill