Interchange Rules Remain in Effect Pending Appeal

On Sept. 20, U.S. District Judge Richard Leon agreed to leave the interchange rules in place until the U.S. Court of Appeals for the D.C. Circuit either upholds or reverses his ruling. This is an important ruling for credit unions as an interim rule by the Federal Reserve would have been difficult to comply with.

The following calendar was approved by the circuit court for the appeal:

Oct. 21 – Brief for Federal Reserve
Oct. 21 – Joint brief for amici in support of Federal Reserve
Nov. 20 – Brief(s) for amici in support of merchants
Nov. 21 – Joint brief for merchants
Dec. 4 – Reply brief for Federal Reserve

CUNA predicts oral arguments will take place in the spring of 2014, with a decision possible as early as the summer of 2014.

Submissions to Monitor should follow the submission guidelines and may be emailed. Shawn Glinis is the editor of Monitor and can be reached at 800-262-6285, ext. 449. The newsletter of the Michigan Credit Union League is published Monday mornings or Tuesday mornings when Monday is a holiday. There is no Monitor the week after Christmas and the week after the Annual Convention and Exposition. MCUL reserves the right to edit submissions for clarity and space.
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