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WASHINGTON — A U.S. appeals court validated the Federal Reserve’s rule capping debit card swipe fees at 21 cents, which retailers consider to be too high.
A U.S. appeals court validated the Federal Reserve’s rule capping debit card swipe fees at 21 cents, which retailers consider to be too high.
The National Retail Federation (NRF) and the Food Marketing Institute both issued statements condemning the decision, which they say will benefit banks and debit card companies at the expense of consumers.
"A self-described victory for the banks usually results in higher costs for consumers," said NRF senior vice president and general counsel Mallory Duncan.
Debit card swipe fees averaged 45 cents before a cap was set by the Federal Reserve following passage of consumer protection legislation in 2010.
