Requirement for the US Federal Reserve to limit debit card fees
The Durbin amendment, implemented by Regulation II,[1] is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing. It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by Dick Durbin, a senator from Illinois, after whom the amendment is named.[2]
After the rule to limit fees, 12 C.F.R. §235, went into effect, a coalition of merchants sued the Federal Reserve. The rule was upheld when the Supreme Court denied petition for certiorari in 2014.
^"Regulation II: Debit Card Interchange Fees and Routing". Federal Reserve.
^Chen, Tim. "What the Durbin Amendment Means for You". U.S. News & World Report. Retrieved 9 April 2015.
The Durbinamendment, implemented by Regulation II, is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve...
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been elected by a statewide popular vote, as required by the Seventeenth Amendment. As the upper chamber of Congress, the Senate has several powers of advice...