SCOTUS to Determine Whether to Hear NACS Appeal on Interchange (Jan. 6, 2015)
The U.S. Supreme Court has scheduled a conference this Friday to determine whether it will grant certiorari and move forward with oral arguments in NACS v. Board of Governors of the Federal Reserve System, which pertains to debit interchange fees. NACS is an industry association representing the convenience store and petroleum industry. The Supreme Court’s decision is expected next week.
The U.S. Court of Appeals for the District of Columbia last March reversed a lower court’s ruling that the Fed had set too high a cap on interchange fees in 2011, affirming the Fed’s existing caps. The court’s decision also overturned a network-routing rule requiring card issuers to provide merchants with up to four routing options for debit and prepaid cards. The merchant association appealed the unanimous U.S. Court of Appeals decision, requesting the Supreme Court to hear the case.
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