FMI Named Plaintiff in Appeals Court Case to Uphold Decision against the Federal Reserve

Jan 17, 2014

FMI Echoes Argument that Fed Disregarded Congressional Intent and Inflated Debit Fees
JANUARY 17, 2014 – WASHINGTON, DC – Today, the Food Marketing Institute (FMI), a plaintiff in the litigation against the Federal  Reserve’s misinterpretation of debit reforms legislated by Congress under the Durbin Amendment, urges the Appeals Court to agree with U.S. District Court Judge Richard Leon’s July 31 decision. Judge Leon ruled that the U.S. Federal Reserve had “clearly disregarded” Congress’ intent “by inappropriately inflating all debit card transaction fees by billions of dollars.” FMI Senior Vice President of Government and Public Affairs Jennifer Hatcher issued the following statement: 

“FMI is pleased to be a named plaintiff in such an important case for the food retail industry.  

“We urge the three-judge panel to concur with Judge Leon’s decision and with what merchants witness every day: The Federal Reserve did not follow the law when crafting a rule that continues to impose a fee that is neither reasonable nor proportional on merchants.”              
 
To read the collective argument for why retailers are urging the Appeals Court to make banks follow the law on debit-card transactions, visit the Merchants Payments Coalition website: http://www.unfaircreditcardfees.com/  

About FMI

As the food industry association, FMI works with and on behalf of the entire industry to advance a safer, healthier and more efficient consumer food supply chain. FMI brings together a wide range of members across the value chain — from retailers that sell to consumers, to producers that supply food and other products, as well as the wide variety of companies providing critical services — to amplify the collective work of the industry. www.FMI.org