Small Business Majority challenges the Federal Reserve’s debit card interchange fee cap

On May 7, Small Business Majority joined a coalition of eight national organizations representing small businesses and fair markets to file an amicus brief in the case Linney's Pizza v. Federal Reserve at the United States Court of Appeals for the Sixth Circuit. The brief argues that the Federal Reserve’s 21-cent cap on debit interchange fees, set forth by Regulation II, is unlawful and is a misinterpretation of the limits outlined in the Durbin Amendment. Regulation II’s debit card swipe fee cap of 21 cents per transaction is over five times the current average per transaction processing cost - excessive fees that continue to disproportionately burden small businesses and consumers.