Supreme Court Allows Retailer to Challenge Debit Card Swipe Fees

The Supreme Court ruled 6-3 on July 1 that a retailer can challenge the fees the Federal Reserve System allows banks to charge for processing debit card transactions, despite not filing the challenge before the usual six-year cutoff. Justice Amy Coney Barrett wrote the majority opinion in the case known as Corner Post Inc. v. Board of Governors of the Federal Reserve System. Dissenting were Justices Sonia Sotomayor, Elena Kagan, and Ketanji Brown Jackson. The respondent, the Federal Reserve System, is the central bank of the United States. Among its primary responsibilities are national monetary policy, supervising and regulating banks, maintaining financial stability, and providing banking services. The Federal Reserve also regulates credit cards....