Bloomberg noted that U.S. District Judge Richard Leon in Washington said the the Federal Reserve disregarded what Congress intended in deciding how much banks can charge merchants for debit-card transactions. He said that the Fed used data that wasn't allowed under Dodd-Frank when setting a 21 cent cap on some debit cards transactions.
In his ruling, Leon stated,
The board has clearly disregarded Congress’s statutory intent by inappropriately inflating all debit card transaction fees by billions of dollars and failing to provide merchants with multiple unaffiliated networks for each debit card transaction.
Unless overturned, regulators would need to revisit the rul which bankers have said cost them 45 percent of swipe-fee revenue. Banks collected about $16 billion until the Fed's regulation, with many subsequently cutting back perks to cardholders.
The swipe -- also called interchage -- fees are set by Visa and MasterCard, which collect money and remit it to card-issuing member banks, Bloomberg noted.