Banking associations hit back at merchants' swipe fee lawsuit

A group of major banking industry associations said a federal court should reject merchants' arguments that regulators failed to follow key Dodd-Frank Act requirements when they adopted a cap on debit card swipe fees. The associations representing bank and credit union issuers agreed in a recent court brief that the Federal Reserve's debit card rules are flawed, but for reasons that are “diametrically opposite of those presented by the merchants.”