Fed to appeal rejection of cap on debit-card fees

Detroit News: Washington — The Federal Reserve is appealing a court ruling that rejected its cap on how much banks can charge businesses for processing debit card transactions.

Scott Alvarez, general counsel for the Fed, told a federal judge Wednesday that it opposed U.S. District Judge Richard Leon’s ruling last month. Leon said the Fed’s cap of 24 cents per swipe set in 2011 is too high.

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