Swipe Fee Rule: The US Supreme Court is poised to consider a case that could impact the legal landscape surrounding federal regulations as it prepares to hear arguments regarding the revival of a lawsuit challenging a controversial debit card "swipe fee" rule.

The case, brought by Corner Post, a convenience store in Watford City, North Dakota, seeks to invalidate a 2011 Federal Reserve regulation that governs the fees businesses pay to banks for debit card transactions. The regulation, which caps these fees at 21 cents per transaction, has been a subject of contention between retailers and financial institutions.

Central to the case is Corner Post's argument that it should not be bound by the six-year statute of limitations for legal challenges, as it opened for business in 2018, after the deadline had passed. The company contends that businesses should have the flexibility to challenge regulations they deem unlawful and that the time limit should begin when they are adversely affected.

The lawsuit has garnered support from various conservative and corporate groups, including the US Chamber of Commerce. On the other side, the Biden administration, representing the Federal Reserve, has raised concerns about expanding the scope of potential challengers to regulations.

The outcome of this case could have significant implications for how regulations are challenged and upheld, potentially impacting a wide range of industries and consumers across the country. A decision from the Supreme Court is expected by the end of June, with the Fed's proposed reduction of the fee cap to 14.4 cents per transaction currently under public review.

(with Reuters inputs)