The lawsuit filed last year by various retail associations and merchants gained another plaintiff from the National Restaurant Association. Highlighting the plight of small ticket merchants who got caught in the regulatory net – another example of unintended consequences. We’re not sure why the Federal Reserve needs to reconcile rules based on average ticket sizes, but will leave that to the courts to sort out.
Allowing higher fees on small-ticket bills was not the intent of Congress, and the Federal Reserve must reconcile this failure to comply with the law as intended.
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