The Clearing House and the Bank Policy Institute filed an amicus brief in an appeal of a North Dakota district court‘s decision in Corner Post v. Board of Governors of the Federal Reserve Board that vacated portions of the Board’s Regulation II, which governs debit card interchange fees. The district court agreed with the merchant-plaintiff’s claim that the that the 2011 regulation permits card issuers and payment networks to charge higher interchange fees than allowed by the relevant statute (known as the Durbin Amendment). The Associations’ amicus brief supports the Federal Reserve Board’s position in the appeal that it properly interpreted the Durbin Amendment when adopting the interchange fee caps. To read the full brief click here.