Diary

Judge makes ruling on Durbin amendment

This is the part I find most interesting:

The judge raised concerns as to the constitutionality of the Durbin Amendment’s exemption for banks with assets less than $10 billion under the equal protection clause of the U.S. Constitution. He also commented that the government’s position that a two-tier pricing system for banks above and below $10 billion in assets will eventually result in a single rate to all banks is speculation on the government’s part.

http://www.thestreet.com/story/11071698/1/judge-makes-rulings-in-debit-card-interchange-lawsuit.html#

He put off his final decision until the Federal Reserve comes up with it’s final rules for the debit card interchange fees.  The Fed delayed implementation recently, but has said it comitted to having the rules finalized by 7/21/11.  I guess we’ll see what happens this summer.  I’ll be following it.