Consumer Finance Monitor Podcast Episode: Understanding the Federal Reserve Board Proposal to Lower Interchange Fee Cap for Debit Card Transactions
At the close of an extended term, on July 1, 2024, the U.S. Supreme Court expanded the time period for bringing a facial challenge to a federal agency rule....more
On July 1, 2024, the Supreme Court issued its opinion in Corner Post, Inc. v Board of Governors of the Federal Reserve System in which the Court determined when a Section 702 claim under the Administrative Procedure Act (APA)...more
On July 1, the U.S. Supreme Court entered an opinion delaying a 6-year statute of limitations to legally challenge federal regulations until a plaintiff is injured. In Corner Post Inc., vs. Board of Governors of the Federal...more
In the last of a series of watershed opinions this term that curtail federal agency power, the Supreme Court in Corner Post, Inc. v. Board of Governors of the Federal Reserve System has ruled (6-3) that the statute of...more
On July 1, 2024, the Supreme Court decided Corner Post, Inc. v. Board of Governors of the Federal Reserve System, No. 22-1008, holding that a facial claim against enforcement of a regulation accrues under the Administrative...more
Corner Post, Inc. v. Board of Governors of the Federal Reserve System, No. 22-1008 - Yesterday, the Supreme Court held in a 6-3 decision that the six-year time limit to challenge a federal agency regulation under the...more
In October 2023, the Federal Reserve Board issued a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. The due date for comments on this proposal, originally...more
The U.S. Supreme Court has scheduled oral argument for Tuesday, February 20, 2024 in Corner Post, Inc. v Board of Governors of the Federal Reserve System. The question that the Supreme Court will decide is when a right of...more
Last Friday, the Seventh Circuit Court of Appeals denied a retailer’s petition for rehearing en banc of a three-judge panel opinion holding that plaintiffs whose credit card information was stolen in a data breach had...more
Since at least 2005, the Federal Trade Commission has asserted that it may regulate lax data security practices as an “unfair” business practice under Section 5 of the FTC Act. The Wyndham hotel chain was the first to...more
In January 2014, luxury retailer Neiman Marcus disclosed that it had suffered a cyberattack in which hackers may have gained access to 350,000 credit and debit cards used at its stores in late 2013. Plaintiffs, all of whom...more
We previously reported on the Seventh Circuit’s reversal of the District Court’s dismissal of the data breach class action case against Neiman Marcus. On August 3, 2015, Neiman Marcus filed a Petition for Rehearing requesting...more
Editor’s Note - The Supreme Court Halts Challenge by Retailers to the Debit Card Interchange Fee Rules: On January 20, 2015, the Supreme Court denied certiorari to a challenge by retailers to debit card interchange fee...more
The United States Supreme Court has denied a petition for a writ of certiorari in NACS, fka National Association of Convenience Stores, et al., v. Board of Governors of the Federal Reserve System. The denial effectively ends...more