High Court Provides Closure On Durbin Rules — What Now?
Law360, New York ( January 29, 2015, 10:38 AM EST) -- Last week, the U.S. Supreme Court declined to review the D.C. Circuit Court of Appeals 2014 decision upholding federal regulations limiting debit card interchange fees and prohibiting card network exclusivity for debit cards.[1] The regulations, often referred to as the "Durbin rules," flowed from the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which instructed the Board of Governors of the Federal Reserve System to implement new regulations related to debit card transactions. The Durbin rules limited the amount that could be charged to merchants as an "interchange fee" (also known as a "swipe fee") and prohibited network exclusivity and routing restrictions for debit card transactions, subject to certain exceptions....
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