NACS V. THE FEDERAL RESERVE SYSTEM
Court: U.S. Court of Appeals for the D.C. Circuit
The RLC submitted a brief urging the U.S. Court of Appeals for the District of Columbia Circuit to affirm the lower court's decision striking down the Federal Reserve's inadequate interpretation of the Durbin Amendment. The Federal Reserve failed to give full force and effect to key provisions of the Durbin Amendment including the non-exclusivity requirements. Therefore the rule as written (and thus stricken by the district court) did not adequately address the anticompetitive practices of the cards.
The DC Circuit disagreed with the RLC's position. The Court instead deferred to the Board's interpretation of section 920(b) and rejected the merchants' challenges to the anti-exclusivity rule. The Court reversed the lower court's decision and remanded the case.
Procedural History and Case Documents: