• Federal Reserve to Appeal Ruling Vacating Key Provisions of Regulation II
  • August 24, 2013
  • Law Firm: Alston Bird LLP - Atlanta Office
  • On August 21, 2013, Judge Richard J. Leon of the U.S. District Court for the D.C. Circuit held a second status hearing regarding NACS v. Board of Governors of the Federal Reserve System (NACS v. Board). At that status hearing, counsel for the Board of Governors of the Federal Reserve System (“Board”) advised the district court that the Board was filing an immediate appeal of the decision to the D.C. Circuit Court of Appeals. The Board and the plaintiffs will jointly seek an expedited appeal and will request that the court of appeals stay the district court’s ruling during the pendency of that appeal. Both the Board and the plaintiffs advocated against obligating the Board to issue interim regulations during the appeals process. The district court scheduled a third status conference for August 28, 2013, and requested that the parties brief the court on (i) the utility of interim rulemaking during the appeal process and (ii) the practical consequences of lifting the stay of vacatur of key provisions of Regulation II without interim rules in place.