BLOOMBERG: Retailers’ bid to overturn a regulation they say unfairly hurts them was rejected by the Supreme Court.
BLOOMBERG: Retailers’ bid to overturn a regulation they say unfairly hurts them was rejected by the Supreme Court.
The U.S. Supreme Court, without comment, left intact a Federal Reserve rule governing how much banks can collect for debit-card transactions. The retail industry argued the regulation didn’t go far enough in capping swipe fees at 21 cents per transaction.
The use of debit cards has soared in the last decade. Consumers used them for 47 billion transactions in 2012, according to federal statistics. Wal-Mart Stores Inc. (WMT) alone says it handled more than 3 billion debit-card transactions at its stores in the last fiscal year.
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