Supreme Court Ruling on 'Swipe Fees' Could Lead to Increase in Regulatory Suits

Money | July 1, 2024, 11:24 a.m.

The U.S. Supreme Court's recent ruling in favor of a North Dakota convenience store challenging Federal Reserve regulations on debit card "swipe fees" has significant implications for businesses seeking to challenge federal rules. The 6-3 decision allows the store, and potentially others, to challenge regulations that they believe are unlawful and burdensome, even if they miss the typical six-year statute of limitations. This ruling could open the door for more suits against longstanding federal rules, as businesses argue for more flexibility in challenging regulations that impact their operations. The case highlights the ongoing debate over swipe fees and the impact of government regulations on small businesses. The ruling challenges the traditional timeline for legal challenges and could lead to increased scrutiny of regulations by businesses seeking relief from what they perceive as unfair practices.