Retailers sue Fed over debit-card rules

Retailers sue Fed over debit-card rules
22 November 2011, by Steve Goldstein - Washington (MarketWatch)
http://www.marketwatch.com/story/retailers-sue-fed-over-debit-card-rules-2011-11-22

Retailers have taken the Federal Reserve to court, arguing the central bank didn't follow the law in setting controversial debit swipe fee regulations.

The National Retail Federation, the Food Marketing Institute, the National Association of Convenience Stores and two retailers sued in U.S. District Court in Washington D.C. because they allege the Fed, in setting final rules, included costs that were barred by the Dodd-Frank law.

Both Visa and MasterCard announced that they would charge the maximum amount of approximately 21 cents even on small-ticket transactions the card industry previously processed profitably for as little as 6 to 8 cents, the retailers say.