A federal judge in Washington, DC said he would keep the current rules for swipe-fees in place while an appeal against the judge’s earlier decision against the policy are appealed, according to reports.
US District Judge Richard Leon entered the ruling Friday that decided the current cap on swipe fees will remain as the central bank appeals the decision to toss the current regulations.
In its argument against the rules’ appeal, the Fed wrote that retailers would “vastly prefer the status quo” instead of an unregulated “’free for all’” while an appeal is weighed. The central bank filed a request last August to have the current rules remain in place.
Judge Leon ruled earlier this year that the central bank’s cap of about 21 cents per transaction was higher than intended. If the Fed’s appeal fails, Judge Leon’s ruling will require regulators to revisit the swipe-fee policy.
Banks reportedly make about $16 billion every year from the swipe-fees, but claim they would lose 45 percent of that revenue if the regulation remains.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI