Retailers Disappointed in Swipe Fee Ruling
The National Retail Federation (NRF) expressed disappointment in a court decision that will keep the Federal Reserve's cap on debit card swipe fees at 21 cents rather than reducing it to a lower level. "NRF is disappointed and remains confident that the Federal Reserve erred when it set the swipe fee cap far higher than intended by Congress," NRF Senior Vice President and General Counsel Mallory Duncan said. "The Fed ignored congressional intent and worked to shield debit card companies and big banks. A self-described victory for the banks usually results in higher costs for consumers."