Fed seeks to keep swipe fee caps in place during appeal

08/28/2013 | Bloomberg

The Federal Reserve has asked to keep its swipe-fee limits on debit-card transactions in place while it appeals a federal court's ruling that the Fed improperly set the fees at about 21 cents per transaction. "We'd rather there be no appeal, but if there's going to an appeal, we'd want the existing rules to stay in place," NRF VP Craig Shearman said. "Otherwise we'd be back to the wild, wild west of no caps on swipe fees."

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