Local truck stop seeks lower debit card fees in Federal court
Patrice Bumstead
Farmer Editor
Watford City’s CornerPost and convenience store has filed a motion, in federal court, requesting that a judge strike down and rewrite a 2010 rule regarding debit card fees. The hope is that new regulation will leave small business owners with more money in their pockets.
In a story first reported by The North Dakota Monitor, CornerPost filed a lawsuit in 2021 accusing the Board of Governors of the Federal Reserve System of manipulating a law that was passed in 2010, allowing banks to profit from debit card transaction fees.
The 2010 law is commonly referred to as the Durbin Amendment, after U.S. Senator Dick Durbin, D-Ill., was passed by Congress after learning that banks were profiting billions in annual fees as part of a consumer protection reform package following the 2008 financial crisis.
In 2022, U.S. District Judge Dan Traynor dismissed the case. His findings were that the plaintiffs did not have standing to bring the lawsuit due to the six-year statute of limitations on challenging a federal rule under the Administrative Procedures Act (adopted in 2011).
The 8th U.S. Circuit Court of Appeals upheld Traynors’s ruling. However in 2024, the U.S. Supreme Court found that the timing of the statute of limitations does not begin until a plaintiff is first harmed. Therefore the statute did not apply to CornerPost.
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