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CBA Statement on Stay in Interchange Case
Washington, D.C. (September 20, 2013) – Today Richard Hunt, President and CEO of the Consumer Bankers Association, released the following statement regarding the case of NACS v. Board of Governors of the Federal Reserve System in respect to debit interchange. District Court Judge Richard Leon issued an order yesterday, granting the parties’ request to stay his July 31, 2013 decision pending an appeal before the D.C. Circuit Court. His original decision vacated the current debit interchange rule under Regulation II. As such, the current rule will remain in effect pending the conclusion of the appellate review.
“Judge Leon’s stay means some level of certainty for the marketplace until this matter is settled. His ruling had left consumers in limbo, all while the retailers continue to scheme to pocket interchange rate reductions without passing along any savings.”
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.