On July 31st, the U.S. District Court for the District of Columbia vacated and remanded the Federal Reserve Board's debit card interchange swipe fee rules. Calling the rules "utterly indefensible," the Court found that the Board's implementation of the Dodd-Frank Act's provision imposing standards for debit fees and transactions (the Durbin Amendment), is foreclosed by the text of the Durbin Amendment and is arbitrary, capricious, and contrary to law. The clear text of the statute excludes costs incurred by an issuer which are not specific to a transaction, concluded the Court. It further held that the Board's implementation of the Amendment's non-exclusivity provision also contravenes Congress's intent. The Court therefore vacated and remanded the rule, staying vacatur until the Board promulgates new rules. NACS v. Board of Governors of the Federal Reserve System.