The inclusion of the so-called Durbin Amendment in the financial reform bill in 2010 was a huge victory for the industry, but the Federal Reserve, which gained new powers to oversee debit-card fees through the bill, ended up allowing fees that were much higher than retailers had hoped. In response, FMI and the Merchants Payment Coalition filed a lawsuit against the Federal Reserve Board alleging that it failed to follow the directives given by Congress in the legislation. While FMI ...
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