Merchants requested last week an additional 30 days to file a petition for the Supreme Court to review the debit interchange lawsuit they lost earlier this year to the Federal Reserve.
Interchange fees—more commonly referred to as swipe fees—are paid by retailers to banks when customers use a debit card to complete a purchase. The fees are set by card issuers and go towards reimbursing the bank for the costs of processing the transaction.
Under the 2010 Dodd-Frank Act, the Federal Reserve capped interchange fees, which retailers said were unreasonably high and contributed to higher prices for consumers. The 21-cent cap was, according to the retail lobby, intended by Dodd-Frank to be even lower, and the National Retail Federation and other trade organizations sued the Fed in 2011.
In March, an appeals court overturned a July 2013 decision by a lower court that sided with retailers, after which the Fed appealed. Merchants were given until June 19 to file a writ of certiorari to seek review by the Supreme Court—if the request is granted, retailers will have until July 21 to file for review.