Why Corner Post’s Merchant Victory May Not Ring Up Savings
Merchants persuaded a federal appeals court to throw out the Federal Reserve’s debit-card fee cap. They might want to hold the applause until they see its replacement. A ruling aimed at the Fed’s arithmetic could leave room for a higher cap—and a fuller accounting of what consumers get for those fees.
In Corner Post, Inc. v. Board of Governors of the Federal Reserve System, a panel of the 8th U.S. Circuit Court of Appeals affirmed a decision vacating the Federal Reserve’s interchange-fee cap under Regulation II. Merchants pay interchange fees to the banks that issue…
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