WASHINGTON (AP) - A federal judge has struck down a rule setting a cap on the fees that banks can charge merchants for handling debit card purchases, saying the Federal Reserve didn't have the authority to set the limit in 2011.
The ruling by U.S. District Court Judge Richard Leon Wednesday handed a victory to a coalition of retail groups. They had sued the Fed over its setting the cap at an average of about 24 cents per debit-card transaction. The previously unregulated "swipe" fee averaged 44 cents. The Fed initially proposed a 12-cent cap, and the retailers had argued that the Fed buckled under pressure from bank lobbyists when it set the cap higher.
The Fed now must craft a new rule. The current one will remain in effect in the meantime.
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Friday, December 6 2013 2:18 PM EST2013-12-06 19:18:21 GMT
KHQ.COM - We all know that passwords protect our personal accounts and information. >>
KHQ.COM - We all know that passwords protect our personal accounts and information. However it's important to make sure that your password is unique and difficult to prevent people and software programs from figuring it out.>>
Friday, December 6 2013 2:17 PM EST2013-12-06 19:17:01 GMT
SPOKANE, Wash. - Many airlines have commemorative art they display on their airplanes to pay tribute to various things. >>
SPOKANE, Wash. - Many airlines have commemorative art they display on their airplanes to pay tribute to various things. Over the past 20 years, KHQ's Reed Schmitt has had a hobby of photographing planes as the fly in and out of Spokane International Airport. Reed sorted through over 30,000 photos to gather all of the planes he photographed that displayed commemorative art.>>