So, when Corner Post—a convenience store and truck stop in North Dakota—challenged a federal rule governing fees for debit-card transactions shortly after it opened for business, but years after the regulation had taken effect, the government argued that Corner Post had somehow shown up in court too late.
Thankfully, the Supreme Court on Monday in Corner Post Inc. v. Board of Governors of the Federal Reserve System had a different view of the matter.
Every time someone swipes a debit card, the business involved must pay a fee to the bank to move money from the person’s account to the business’s. When debit card companies began to compete for banks’ business by raising these fees, Congress intervened with a law directing the Federal…
