The Supreme Court agreed to take up a case Friday on "swipe fees" — fees that banks charge merchants each time a customer swipes a debit card, Law360 reported.
The 2010 bill requires the Fed to set a "reasonable" cap on the fees that are "proportional" to banks' costs. A year later, the board capped fees for financial institutions with over $10 billion in assets at 22.05 cents. However, their argument now appears to be strengthened by the fact that Sen. Dick Durbin, who placed the amendment in the original Dodd-Frank bill, is authoring a new bill that could further lower the cap.
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