real-time news and commentary for investors
Thursday, Aug 15
Federal judge chides the Fed over debit fees
- U.S. District Court Judge Richard Leon gives the Federal Reserve one week to decide how much time it will need to rewrite rules on how much merchants can charge retailers for swipe fees on debit cards.
- The judge didn't show a lot of deference to the central bank, telling officials to cut their vacation short to make it happen.
- "We're not putting a man on the moon here," notes Leon.
- An ultimate decision in the case could be appealed, but will have big implications at some point for banks and payments companies (V, MA) - as well as swipe-heavy retailers (SBUX, TGT, BBY).