ND retailers sue Federal Reserve over swipe fees

The North Dakota Retail Association and the North Dakota Petroleum Marketers Association has sued the Federal Reserve claiming that it has failed to set fees proportional to lenders' costs as mandated by the Durbin Amendment. “For a decade, the board has failed to properly follow Congress’s instructions to ensure that debit card processing fees are reasonable and proportional to the costs of debit card transactions,” according to the complaint. “American consumers and merchants continue to suffer the same harms that prompted Congress to act in the first place. Enough is enough.”