Banks Ask to Defend Swipe Fee Cap Following High Court Ruling

Banks have asked to help defend a Federal Reserve regulation they opposed capping debit card swipe fees, the result of a US Supreme Court decision that allowed challenges to long-existing rules.

The Bank Policy Institute, which represents the country’s biggest banks, and The Clearing House Association, which operates bank payment networks, on Wednesday filed a motion to intervene in a case challenging the Fed’s 2011 debit card interchange fee rule.

The case is moving forward in the US District Court for the District of North Dakota after the Supreme Court’s July ruling in Corner Post v. Board of Governors of ...