RULE CAPPING DEBIT FEES STRUCK: A federal judge has struck down a rule setting a cap on the fees that banks can charge merchants for handling debit card purchases. He said the Federal Reserve didn't have the authority to set the limit the way it did in 2011, improperly including data that made the cap too high.

RULE CAPPING DEBIT FEES STRUCK: A federal judge has struck down a rule setting a cap on the fees that banks can charge merchants for handling debit card purchases. He said the Federal Reserve didn't have the authority to set the limit the way it did in 2011, improperly including data that made the cap too high.

VICTORY FOR RETAILERS: The ruling by U.S. District Judge Richard Leon handed a victory to a coalition of retail groups which are seeking a lower cap and a setback to banks. The retail groups had sued the Fed over its setting the cap at an average of about 24 cents per debit-card transaction.

BACK TO DRAWING BOARD: The Fed now must craft a new rule. The current one will remain in effect in the meantime.