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NEW YORK — A coalition of retail groups sued the Federal Reserve on Tuesday, claiming the regulator ignored the law by setting too high a cap on the fees that banks can charge merchants for handling debit-card purchases.
The National Retail Federation and other groups claimed in U.S. District Court in Washington, D.C., that the Fed buckled under pressure from bank lobbyists when it set the cap at an average of about 24 cents per transaction in late June.
The previously unregulated fees used to average about 44 cents. The cap, which took effect Oct. 1, was initially proposed at 12 cents.
