WASHINGTON (6/2/14)--The merchants groups that sued the Federal Reserve Board over the regulator's implementation of a statutory debit card interchange cap is not ready to call it quits on its lawsuit.
The merchant coalition in NACS v. Board of Governors of the Federal Reserve System filed an application Friday with the Supreme Court seeking an additional 30 days to decide whether to file a petition for writ of certiorari. In plainer terms, the merchants have filed a document which a losing party may file with the Supreme Court asking the high court to review the decision of a lower court.
The merchants' petition is currently due to be filed by June 19. The 30-day extension, if granted, would move the deadline to July 21.
In early May, the merchants let an important deadline pass and did not request a rehearing of their case--making an appeal to the Supreme Court their only option to move forward--if they indeed do choose to move forward.
The merchant interchange claims challenged the Fed's implementation of a Dodd-Frank Act-imposed debit interchange cap as too high. The Credit Union National Association and its partner members of The Clearing House coalition maintain that the cap, in fact, is too restrictive.
A ruling in March by the U.S. Court of Appeals for the District of Columbia Circuit unanimously rejected claims that the Fed interchange rules violated the plain text of the Durbin Amendment to the Dodd-Frank Act. The ruling became official May 12.