Federal District Court Gives Federal Reserve Deadline To Decide Interchange Fee Rule

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On August 14, the U.S. District Court for the District of Columbia reportedly gave the Federal Reserve Board (FRB) one week to determine whether it will write an interim final rule to replace the interchange fee rule recently voided by the court. During a status hearing, the court ordered the FRB’s general counsel to appear on August 21, 2013 to inform the court whether the FRB will rewrite the rule, suggesting that an interim rule would need to be in place by the end of August. The court also reportedly stated that the funds collected from retailers while the rule was in effect could be ordered to be refunded and asked the parties to provide further briefing on the issue.