Corner Post v. Board of Governors of the Federal Reserve System
U.S. Supreme Court · decided July 1, 2024 · Supreme Court Database (Spaeth)
- Decided
- July 1, 2024
- Term
- October Term 2023
- Vote
- 6–3
- Majority author
- Justice Barrett
- Issue area
- Economic Activity
- Disposition
- Reversed and remanded
- Outcome
- Petitioning party won
- Ideological direction
- Conservative
Opinion excerpt
(Slip Opinion) OCTOBER TERM, 2023 1 Syllabus NOTE: Where it is feasible, a syllabus (headnote) will be released, as is being done in connection with this case, at the time the opinion is issued. The syllabus constitutes no part of the opinion of the Court but has been prepared by the Reporter of Decisions for the convenience of the reader. See United States v. Detroit Timber & Lumber Co., 200 U. S. 321 , 337. SUPREME COURT OF THE UNITED STATES Syllabus CORNER POST, INC. v. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE EIGHTH CIRCUIT No. 22–1008. Argued February 20, 2024—Decided July 1, 2024 Since it opened for business in 2018, petitioner Corner Post, like most merchants, has accepted debit cards as a form of payment. Debit card transactions require merchants to pay an “interchange fee” to the bank that issued the card. The fee amount is set by the payment networks (such as Visa and MasterCard) that process the transaction. In 2010 Congress tasked the Federal Reserve Board with making sure that in- terchange fees were “reasonable and proportional to the cost incurred by the issuer with respect to the transaction.” 15 U. S. C. §1693o– 2(a)(3)(A). Discharging this duty, in 2011 the Board published Regu- lation II, which sets a maximum interchange fee of $0.21 per transac- tion plus .05% of the transaction’s value. In…
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