Durbin Chided by Judges Says Swipe-Fee Ruling Is Bank ‘Giveaway’
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The judges who ruled on debit-card swipe fees had a message for the U.S. senator whose legislation spurred a massive battle between Wall Street and the retail industry: Thanks for nothing.
In an unusual bit of pique, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit yesterday called Senator Richard Durbin’s measure “poorly drafted” and subject to little debate when it was passed in 2010. The opinion, written by Judge David Tatel, reversed a lower-court ruling and upheld the Federal Reserve Board’s regulation implementing the fee limit.