Consumer Finance Monitor Podcast Episode: Understanding the Federal Reserve Board Proposal to Lower Interchange Fee Cap for Debit Card Transactions
Australia’s payment system has been the subject of a multi-pronged review with proposals for reform at various stages and across various aspects of Australia’s payments ecosystem. At the end of March 2026, the Reserve Bank of...more
On February 25, the Kansas City Fed released updated debit card fraud statistics showing significant shifts in card-present and card-not-present trends for non-prepaid debit cards. Data from 2021 to 2023 revealed that...more
Recently, the Fed released its eighth biennial report on debit card transactions, providing an in-depth look at industry trends for 2023, pursuant to Section 920 of the EFTA. The report stated that payment card networks...more
On January 9, several banking trade associations filed an amicus brief in the U.S. Court of Appeals for the 8th Circuit addressing an appeal concerning Regulation II (pronounced “eye-eye”), which the Fed promulgated in 2011...more
On November 10, the plaintiff filed a notice of appeal to the U.S. Court of Appeals for the 6th Circuit, seeking review of a district court decision denying the plaintiff’s, and granting the Fed’s, motion for summary...more
On September 12, the U.S. District Court for the Eastern District of Kentucky upheld the Federal Reserve Board’s Regulation II cap on debit-card interchange fees, rejecting a merchant’s Administrative Procedure Act challenge....more
On September 15, the U.S. District Court for the Eastern District of Kentucky granted summary judgment in favor of the Fed, upholding the Board’s regulation which caps debit card interchange fees. The regulation in question —...more
On August 21, a federal magistrate judge in the District Court for the Western District of Washington ordered a bank to produce certain records related to its prepaid debit card program, including documents maintained by...more
On August 6, 2025, in Corner Post, Inc. v Board of Governors of the Federal Reserve System, the U.S. District Court for the District of North Dakota (the “Court”) granted Corner Post’s motion for summary judgment, finding...more
This Freeman Law Insights blog discusses Chapter 604A of the Texas Business and Commerce Code (“Chapter 604A”) which, as written, prohibits merchants from imposing a surcharge on a buyer who uses a debit card or a credit card...more
In March 2025, a Northern District of Texas judge denied the Consumer Financial Protection Bureau’s (CFPB) motion to stay its case against Comerica Bank for alleged mismanagement of a government benefit card program in...more
In this month's article, we share some of our top "bites" for the prior and current month covered during the November 2024 webinar....more
The Upper Tribunal (UT) has overturned a decision by the First-tier Tribunal (FTT), relating to a Monetary Penalty Notice (MPN) that was issued by the Information Commissioner (ICO). All of this stemmed from a cyber-attack...more
Claims of unfair overdraft fees continue although it seems the media has taken a break from talking about them. A recent federal case in Virginia ruled in favor of all the Plaintiff’s counts and denied the Defendant’s Motion...more
On October 16, 2024, the Bank Policy Institute and the Clearing House Association filed a motion to intervene in Corner Post, Inc. v Board of Governors of the Federal Reserve System. On July 1, 2024, the Supreme Court sided...more
The Justice Department’s Antitrust Division has been aggressively pursuing civil enforcement actions. While criminal enforcement of antitrust laws has been depressed, DOJ has found success in pursuing civil and merger...more
On May 29, 2024, Illinois rocked the payments world by passing the Interchange Fee Prohibition Act (“IFPA”) into law. With an effective date of July 1, 2025, the law would upend the way in which interchange is calculated in...more
On August 15, 2024, the Illinois Bankers Association, American Bankers Association, America’s Credit Unions, and Illinois Credit Union League filed a complaint for declaratory and injunctive relief against the Illinois...more
The Interchange Fee Prohibition Act (IFPA), signed into law in June of 2024 by Illinois Governor J.B. Pritzker, prohibits banks, savings associations, credit union, and others from receiving or charging an interchange fee on...more
In an increasingly cashless society, many employers are considering moving to payroll debit cards to provide workers with greater flexibility and convenience. ...more
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
Welcome back to the Class Action & MDL Roundup! This edition covers notable class actions from the first quarter of 2024. In this edition, UK High Court weighs in on information asymmetry, debit is better than credit,...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