Fifth Third Bank 2014 Annual Report Download - page 21
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
19 Fifth Third Bancorp
exclusivity arrangements (the “Current Rule”) that were adopted to
implement Section 1075 of the DFA, known as the Durbin
Amendment. The Court held that, in adopting the Current Rule, the
FRB violated the Durbin Amendment’s provisions concerning
which costs are allowed to be taken into account for purposes of
setting fees that are reasonable and proportional to the costs
incurred by the issuer and therefore the Current Rule’s maximum
permissible fees were too high. In addition, the Court held that the
Current Rule’s network non-exclusivity provisions concerning
unaffiliated payment networks for debit cards also violated the
Durbin Amendment. The Court vacated the Current Rule, but
stayed its ruling to provide the FRB an opportunity to replace the
invalidated portions. The FRB appealed this decision and on March
21, 2014, the D.C. Circuit Court of Appeals reversed the District
Court’s grant of summary judgment and remanded the case for
further proceedings in accordance with its opinion. The merchants
have filed a petition for writ of certiorari to the U.S. Supreme Court.
However, on January 20, 2015, the U.S. Supreme Court declined to
hear an appeal of the Circuit Court reversal, thereby largely
upholding the Current Rule and substantially reducing uncertainty
surrounding debit card interchange fees the Bancorp is permitted to
charge. Refer to the Noninterest Income subsection of the
Statements of Income Analysis section of MD&A for further
information regarding the Bancorp’s debit card interchange revenue.