Judge rules Fed’s cap on debit card swipe fees is illegal

A federal judge ruled that the Federal Reserve’s cap on debit card swipe fees is illegal.

Details: In the Corner Post case, U.S. District Judge Daniel Traynor ruled that the Fed exceeded its authority in how the central bank set limits on debit card interchange fees.

ICBA View: ICBA recently commented on the Reg II survey, its regulatory burden, debit card fraud, and the effect on small businesses.