Lower Cap on Debit Card Fees to be Set
A federal court hasstruck down a rule that set a cap on debit card fees.
In 2011, the FederalReserve set a 21-cent limit on the fees banks charge retail stores for eachdebit card transaction.
The national retailfederation sued, saying the cap was too high. A U.S. District Court judge ruledWednesday that the Fed didn't have the authority to set the limit.
They suggested the CentralBank consider earlier proposals to lower the fee to 12-cents.
The fed has a fewmonths to craft a new rule. The current one will remain in effect in themeantime.