The Clearing House Association, along with its trade coalition partners representing every national bank and credit union trade association in the country, filed an amicus brief in NACS v. Board of Governors of the Federal Reserve System. This case, brought by a merchant coalition representing some of the largest retailers in the U.S., seeks to set aside the Board's final rule on interchange fees and increase the windfall that merchants have already received in the form of interchange price caps.

The TCH coalition brief provides a robust counterpoint to the merchants, demonstrating that the Board's rule is fundamentally flawed, not for the reasons advanced by the merchants but because it contravenes the Durbin Amendment by imposing caps on interchange fees that fall far short of allowing debit card issuers to cover their costs and a reasonable rate of return on their investments. The brief further notes how both small and large financial institutions will be harmed and points out that the retailers have failed to show any evidence that they have lowered their prices to benefit consumers.