Nautilus Hyosung

The Federal Reserve Board met its Dec. 4 deadline for filing its reply to merchants' arguments against the agency's implementation of the Dodd-Frank-imposed debit interchange fee cap.

In November, the merchants argued that that the U.S. Court of Appeals for the District of Columbia Circuit should affirm an earlier court decision that struck down the Federal Reserve's debit card interchange fee cap and network non-exclusivity regulations.

The Fed response Wednesday makes arguments to counter those of the merchants' that say the Fed made errors in implementing the rule and therefore the rule should be scrapped and rewritten.

The Fed made a request that the court reverse the judgment of the district court and that the case be remanded with instructions to enter judgment in favor of the Fed and its rule.

Circuit Judges David Tatel, Harry Edwards and Stephen Williams will hear oral arguments from the Fed and merchants at 9:30 a.m. Eastern on Jan. 17.

Read more about regulatory issues.

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