U.S. District Court Judge Richard Leon suggested in a hearing yesterday that banks and credit card companies may need to reimburse retailers for debit card fees that he previously ruled to be too high, the Wall Street Journal reports.
“There’s a number out there somewhere that represents the amount of overcharge,” Judge Leon said,” targeting “funds that have been collected but shouldn’t have been.”
Judge Leon gave the Fed one week to declare how much time will be needed to rewrite the rule dictating how much banks can charge merchants for swiping debit cards.
On July 31, Judge Leon rejected the Fed’s Durbin Amendment, which set a cap on debit card transaction fees of 21 cents.
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