Financial institutions continue fight against Illinois’ swipe fee law

Financial institutions continue fight against Illinois’ swipe fee law

(The Center Square) – Plaintiffs in the lawsuit challenging Illinois’ Interchange Fee Prohibition Act say they are in an important final stretch.

Financial Institutions Press Their Case Against Illinois’s Interchange Law - Digital Transactions

Plaintiffs in the lawsuit challenging the Illinois Interchange Fee Prohibition Act are pushing hard to make their case that national banking laws pre-empt the IFPA, which is scheduled to go into effect July 1. In a motion filed late Wednesday, the plaintiffs argued that federal banking laws supersede the Illinois law and exempt not only federally chartered financial institutions, including credit unions, from the IFPA, but also out-of-state fina…