Dive Brief:
-
The National Retail Federation, other business groups, and companies are asking the U.S. Supreme Court to review a March ruling that upheld Federal Reserve rules on swipe fees.
-
The 2011 Federal Reserve rules capped payment card swipe fees at higher rates than what retailers say Congress intended when it passed the Dodd-Frank bank reform law.
-
Retailers sued the Fed in 2011 to recalculate the cap and won. But in March, the U.S. Court of Appeals for the District of Columbia overturned the ruling.
Dive Insight:
The move by business groups and companies to make this request of the Supreme Court was widely anticipated. There’s no guarantee, however, that one of the busiest Supreme Courts in history will even take up this matter. Still, now that the request is before the Supreme Court, retailers have one of their last remaining chances to prevail.
