TCH and BPI Submit Motion for Summary Judgment in Merchant Lawsuit Challenging Debit Interchange Cap
The Clearing House Association and the Bank Policy Institute requested leave to file a cross-motion for summary judgment and supporting materials in the case of Corner Post, Inc. v. Board of Governors of the Federal Reserve System. TCH and BPI had previously filed a motion to intervene in the case, which is still pending before the court. Corner Post, a North Dakota merchant, filed the lawsuit to challenge the Federal Reserve Board’s 2011 adoption of Regulation II, which it alleges permits lenders and payment networks to charge higher debit card interchange fees than allowed by the statute (known as the Durbin Amendment). TCH and BPI argue that Corner Post’s reading of the statute is incorrect and that the court should enter judgment against the plaintiff.
To read the court filings, click here.