US Judicial Developments
Debit card rules upheld. The DC Circuit substantially upheld the Federal Reserve Board’s regulations imposing a cap on the per-transaction debit card fees that banks receive and requiring that at least two networks owned and operated by different companies be able to process transactions on each debit card. The Court found that the Board’s rules were reasonable and within the Board’s discretion, and remanded one minor issue, treatment of so-called transactions-monitoring costs, to the Board for further explanation. (3/21/2014) NACS v. Board of Governors of the Federal Reserve System.