Jan 17, 2014
FMI Echoes Argument that Fed Disregarded Congressional Intent and Inflated Debit Fees
JANUARY 17, 2014 – WASHINGTON, DC – Today, the Food Marketing Institute (FMI), a plaintiff in the litigation against the Federal Reserve’s misinterpretation of debit reforms legislated by Congress under the Durbin Amendment, urges the Appeals Court to agree with U.S. District Court Judge Richard Leon’s July 31 decision. Judge Leon ruled that the U.S. Federal Reserve had “clearly disregarded” Congress’ intent “by inappropriately inflating all debit card transaction fees by billions of dollars.” FMI Senior Vice President of Government and Public Affairs Jennifer Hatcher issued the following statement:
“FMI is pleased to be a named plaintiff in such an important case for the food retail industry.
“We urge the three-judge panel to concur with Judge Leon’s decision and with what merchants witness every day: The Federal Reserve did not follow the law when crafting a rule that continues to impose a fee that is neither reasonable nor proportional on merchants.”
To read the collective argument for why retailers are urging the Appeals Court to make banks follow the law on debit-card transactions, visit the Merchants Payments Coalition website: http://www.unfaircreditcardfees.com/
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