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New arena at Will Rogers takes shape


The proposed Will Rogers Memorial Center arena continues to take shape as voters head for a Nov. 4 election to decide whether to approve new taxes to help pay for the $450 million facility.

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Ex Rangers manager Washington apologizes for 'breaking wife's trust'

IRVING, Texas (AP) — Former Texas Rangers manager Ron Washington says he is embarrassed for 'breaking his wife's trust.'

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Cooking Class: Fort Worth chef brings home the gold

Toques off to Timothy Prefontaine. The executive chef at the iconic Fort Worth Club is currently the best in the nation, according to the American Culinary Federation. Prefontaine earned the title of 2014 U.S.A.’s Chef of the

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Fort Worth firm 'simplifies' advertising

Reaching customers requires more than price slashing and flashy ads. In today’s competitive marketplace, machines – not men and women – are essential to tapping new markets and

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Trinity Valley School leader to leave in May 2015

Gary Krahn, head of school for the past eight years at Trinity Valley School in Fort Worth, will leave his position in May 2015 when he and his wife Paula will move

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Federal court agrees with swipe fee cap

Photo courtesy of CNN. 

Jennifer Liberto

WASHINGTON (CNNMoney) -- A federal appeals court on Friday agreed with a Federal Reserve rule that placed a 21-cent cap on swipe fees that banks charge retail stores for each debit card transaction.

The U.S. Court of Appeals for the District of Columbia Circuit struck down a lower court ruling that sided with retailers saying the Fed should lower fees even more.

The ruling is a win for the Federal Reserve and the banks. For consumers, nothing is expected to change.

The fight over swipe fees stems from new laws enacted after the U.S. financial crisis. Congress ordered the Federal Reserve to ensure that fees to process debit card purchases were "reasonable." At that time, the average fee per transaction was about 40 cents.

After initially proposing to limit fees to 12 cents, the central bank issued a final rule in 2011 that capped fees at 21 cents.

Soon after, the National Association of Convenience Stores and the National Retail Federation filed a lawsuit against the Fed, saying that the fees should be lower.

It was not clear that consumers got any of the savings. One industry-sponsored survey found that 67% of retailers kept prices the same or raised them instead of passing on savings to customers, according to the Electronics Payments Coalition, a group of banks and credit unions.

A 2013 report by the retailers, called the Merchants Payments Coalition showed that swipe fee caps saved consumers $5.8 billion in 2012 through lower costs for goods and services.

But banks Bank of America , J.P. Morgan Chase and Wells Fargo took big hits to revenue. The banks tried to charge new debit card fees, but public outrage caused them to reverse course.

The ruling also impacts charge card processors Visa and Mastercard, which collect swipe fees for the banks and keep a portion for use of their payment networks. Shares of Visa rose 4% in trading in Friday. MasterCard was down 1%.

A request for comment from the Fed wasn't immediately returned.

-- CNN's Bill Mears contributed to this report.

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What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?