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Banks should not be handed a growing windfall at the expense of Main Street stores and consumers. NRF General Counsel Stephanie Martz WASHINGTON – Retailers filed a lawsuit today seeking to have the Federal Reserve lower its 10-year-old cap on “swipe” fees banks charge to process debit card transactions, saying the agency wrongly applied federal law and that merchants have paid billions of dollars more than intended by Congress while banks’ costs have fallen. “The Fed allowed fees that were much too high in the first place,” National Retail Federation Chief Administrative Officer and General Counsel Stephanie Martz said. “Since then, banks’ costs have fallen steadily but the Fed has refused to make adjustments, letting the problem grow even worse. Legislation passed by Congress requires that these fees be kept in proportion to costs to protect merchants and their customers, but the Fed has failed to do that. Since the Fed hasn’t acted voluntarily, it’s time f

Watford cityNorth dakotaUnited statesStephanie martzMike rudBrady lundNational retail federationDakota retail associationDakota petroleum marketers associationUs district courtFederal reserveUs supreme courtMain streetCounsel stephanieRetail federation chief administrative officerGeneral counsel stephanie martz