Saying that the debit card swipe fees set by the Federal Reserve were neither reasonable nor proportional, the National Retail Federation and other groups sued the agency.
In the lawsuit, filed in U.S. District Court in Washington, they alleged that Fed failed to follow the intent of the Dodd-Frank bill which mandated that the Fed regulate swipe fees.
"Rather than following the law, it's almost as if the banks and the Fed were working hand-in-glove to block the genuine competition and common-sense price reductions Congress directed," National Retail Federation Senior Vice President and General Counsel Mallory Duncan said in a statement. "The Fed's regulations have blunted the competition that would have made greater savings possible."
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