Eighth Circuit Court of Appeals Vacates Federal Reserve's Debit Interchange Fee Cap

The U.S. Court of Appeals for the Eighth Circuit has vacated the Federal Reserve's debit interchange fee cap, a ruling that could have significant implications for the financial industry. This decision diverges from a 2014 D.C. Circuit court ruling that upheld the regulation. The Federal Reserve now has 45 days to file a petition for rehearing or seek Supreme Court consideration, impacting how banks and merchants handle debit card transactions nationwide.