Document ID: ./input/supremecourt_opinions/opinions/23pdf/22-1008_1b82.pdf
Page Number: 1.0

(Slip Opinion) 

OCTOBER  TERM,  2023 

1 

Syllabus 

NOTE:  Where  it  is  feasible,  a  syllabus  (headnote)  will  be  released,  as  is 
being  done  in  connection  with  this  case,  at  the  time  the  opinion  is  issued. 
The  syllabus  constitutes  no  part  of  the  opinion  of  the  Court  but  has  been 
prepared  by  the  Reporter  of  Decisions  for  the  convenience  of  the  reader. 
See United States v. Detroit Timber & Lumber Co., 200 U. S. 321, 337. 

SUPREME COURT OF THE UNITED STATES 

Syllabus 

CORNER POST, INC. v. BOARD OF GOVERNORS OF 
THE FEDERAL RESERVE SYSTEM 

CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR 
THE EIGHTH CIRCUIT 

No. 22–1008.  Argued February 20, 2024—Decided July 1, 2024 

Since it opened for business in 2018, petitioner Corner Post, like most 
merchants, has accepted debit cards as a form of payment.  Debit card 
transactions require merchants to pay an “interchange fee” to the bank 
that issued the card.  The fee amount is set by the payment networks
(such as Visa and MasterCard) that process the transaction.  In 2010 
Congress tasked the Federal Reserve Board with making sure that in-
terchange fees were “reasonable and proportional to the cost incurred 
by  the  issuer  with  respect  to  the  transaction.”    15  U. S. C.  §1693o– 
2(a)(3)(A).  Discharging this duty, in 2011 the Board published Regu-
lation II, which sets a maximum interchange fee of $0.21 per transac-
tion plus .05% of the transaction’s value. 

In 2021, Corner Post joined a suit brought against the Board under 
the  Administrative  Procedure  Act  (APA).    The  complaint  challenged
Regulation II on the ground that it allows higher interchange fees than
the  statute  permits.    The  District  Court  dismissed  the  suit  as  time-
barred under 28 U. S. C. §2401(a), the default six-year statute of limi-
tations applicable to suits against the United States.  The Eighth Cir-
cuit affirmed. 

Held: An  APA  claim  does  not  accrue  for  purposes  of  §2401(a)’s  6-year
statute of limitations until the plaintiff is injured by final agency ac-
tion.  Pp. 4–23.

(a) The APA grants Corner Post a cause of action subject to certain 
conditions, see 5 U. S. C. §702 and §704, and 28 U. S. C. §2401(a) de-
lineates  the  time  period  in  which  Corner  Post  may  assert  its  claim. 
Section 702 authorizes persons injured by agency action to obtain ju-
dicial review by suing the United States or one of its agencies, officers,