Consumer Finance Monitor Podcast Episode: Understanding the Federal Reserve Board Proposal to Lower Interchange Fee Cap for Debit Card Transactions
Nearly a decade after promulgation of Regulation II — better known as the Durbin Amendment — the Federal Reserve Board proposed changes to modernize the regulation by clarifying that the exclusivity prohibition applies to...more
On June 17, 2020, the UK Supreme Court handed down its judgment in the appeals on the lawfulness of multilateral interchange fees, or swipe fees, (MIFs) in Sainsbury’s Supermarkets Ltd (Respondent) v. Visa Europe Services LLC...more
Morgan Lewis has scored a landmark victory in the Court of Appeal for our client Sainsbury’s (a major retail grocer in the United Kingdom) against credit card company Visa in the Court of Appeal....more
Why it matters - With the U.S. Supreme Court’s denial of certiorari, the Board of Governors of the Federal Reserve Board’s interchange rules will stand. The justices declined to hear an appeal from retailers without...more
On January 27, the Economic and Monetary Affairs Committee (“ECON”) released a press release stating that it had voted in favour of the proposed Regulation on multilateral interchange fees (“MIF Regulation”). This vote...more
"Payment cards are the most frequently used electronic payment instrument for retail purchases. However, integration of the [European] Union [(EU)] payment card market is far from complete as many payment solutions cannot...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
A coalition of merchants and retailers has requested that the U.S. Supreme Court weigh in on interchange fees. In March, the D.C. Circuit Court of Appeals upheld the rules promulgated by the Board of Governors of the...more
In the face of objections from some of the nation’s largest retailers, a New York federal judge has approved a massive settlement between a putative class of approximately 12 million merchants and Visa, MasterCard, and...more