A federal court has
struck down a rule that set a cap on debit card fees.
In 2011, the Federal
Reserve set a 21-cent limit on the fees banks charge retail stores for each
debit card transaction.
The national retail
federation sued, saying the cap was too high. A U.S. District Court judge ruled
Wednesday that the Fed didn't have the authority to set the limit.
They suggested the Central
Bank consider earlier proposals to lower the fee to 12-cents.
The fed has a few
months to craft a new rule. The current one will remain in effect in the