Banks, Retailers Face Off Over Debit Transactions

The Federal Reserve is appealing a court decision that struck down a 21-cent per swipe fee on debit card transactions. Reinstating the regulations – put in place to comply with a 2010 Congressional amendment to the Dodd-Frank Act – would save the Fed the years-long process of rewriting the rule. With billions at stake, banks are mounting the legal case for higher fee caps to be put in place, whereas retail businesses want fees to be set at a fraction of the 21-cent limit.