The decision was a win for retailers and retail trade associations that challenged the debit-transaction regulations adopted by the Fed in 2011. The agency, the retailers claimed, ignored Congress' directives to consider only certain costs in setting the fee standard and, as a result, set it too high.
The ruling won't change transaction fees just yet, though. U.S. District Judge Richard Leon ordered the Federal Reserve to vacate the rules, but simultaneously said he would stay that order to give the agency time to replace the problematic sections. Leon asked the parties to weigh in on the length of the stay, noting that he was leaning towards "months, not years."
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