Yet, as with a chameleon adjusting to its backdrop, the Federal Reserve nuanced this directive. By 2011, the big banks found their transactional fees capped at 21 cents, with a smidgen more for fraud coverage. Corner Post, supported by its merchant allies, alleges that this cap strayed from its original path. Like adding extra weights to a balance, the Fed, they argue, padded out the fee cap, granting banks a windfall in profits. The alleged victim? Both consumers and retailers, grappling with this ceiling even as banks’ operational expenses dipped.
Justices Debit Card Rules : The Legal Time Warp
Despite the rule’s longevity, Corner Post insists they only felt the clock’s tick in 2018, when they commenced operations and encountered these alleged exorbitant interchange fees. However, both a North Dakota federal judge and the Eighth Circuit refuted this stance, emphasizing the clock started with the rule’s unveiling.
In a plea that vibrated with urgency, Corner Post beckoned the justices, highlighting an emerging schism in legal circles regarding APA claims.
Support, Skepticism, and the Road Ahead
Corner Post’s clarion call resonated with entities like the Cato Institute and a smattering of small business champions. But, like a pendulum’s swing, the Federal Reserve Board countered this narrative, defending the established perspective and dismissing murmurs of a judicial rift as hyperbole.
