WASHINGTON A U.S. District Court judge on Wednesday gave the Federal Reserve Board one week to decide if it will move ahead with making changes to its final rule capping fees on debit card transactions.
U.S. District Judge for the District of Columbia Richard Leon warned attorneys representing the central bank he wanted a clear answer on the Fed's position on issuing an interim final rule and how quickly it could be completed. He also raised the specter of forcing banks and other financial institutions to reimburse excess amounts of swipe fees that have been collected since the interchange rule took effect in October 2011.
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