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Appeals Court Now Mulling Debit-Rate Decision

A federal appeals court on Jan. 17 heard arguments over whether a federal judge’s ruling that the Federal Reserve’s 21-cent debit-interchange rate cap is too high. In the contentious dispute between merchants, who want the cap reduced, and card issuers, no one seems happy. Even if the court overturns the lower-court decision, issuers still contend the cap is too low.

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