U.S. District Court Judge Richard Leon, who remanded the Federal Reserve debit fee ruling, told the Fed that it has a week to determine how much time will be needed to rewrite the rule and that the rule to lower fees must be implemented quickly, according to the Aug. 16 issue of the Petroleum Marketers Association of America (PMAA) Weekly Review.
More significantly, notes the Weekly Review, the judge told banks and credit cards companies they may need to reimburse retailers potentially billions of dollars in debit-card transaction fees he previously ruled were set too high.
Although merchant and banking groups have expressed uncertainty about the legality of recouping the fees, the announcement is welcome news for retailers, notes the Weekly.
