Eighth Circuit upholds vacatur of Federal Reserve's debit card swipe fee cap
The U.S. Court of Appeals for the Eighth Circuit on October 26, 2026, affirmed a ruling that struck down the Federal Reserve's 21-cent cap on debit card interchange fees, finding the Fed improperly let banks count costs not tied to individual transactions, such as fraud prevention. The Fed must now write a fee structure that reflects the incremental-cost standard Congress set in the 2010 Dodd-Frank Act.
Order (Bloomberg Law) → · American Banker