Fed's swipe-fee cap is too high, judge rules

A federal judge on Wednesday invalidated the Federal Reserve's 21-cent cap on debit card swipe fees, agreeing with merchants that the fee was more than Congress intended. U.S. District Judge Richard Leon said the Fed rule was an "utterly indefensible" interpretation of the Dodd-Frank Act, adding that he wanted to see changes within months. Sen. Dick Durbin, D-Ill., the author of the swipe-fee cap mandate, called the ruling a victory for consumers and small businesses because it will lead to lower interchange rates.

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