Supreme Court agrees to hear debit card ‘swipe fees’ case ...Middle East

The Supreme Court agreed Friday to take up a case asking the Federal Reserve to lower the cap on debit card “swipe fees.” An amendment by Sen. Dick Durbin (D-Ill.) to the 2010 Dodd-Frank Act directed the Fed to set a “reasonable” cap on fees that banks charge merchants each time a customer swipes a debit card. Those fees must also be “proportional” to banks’ costs. Implemented in 2011, the Fed capped fees for financial institutions with $10 billion or more in assets at 21 cents, with an additional 1 cent for fraud prevention and 0.05 percent for fraud recovery. The Supreme Court agreed to hear an appeal brought by the Corner Post, a North Dakota-based truck stop and convenience s

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