US EditionOCC Blocks Illinois Interchange Fee Law for National Banks - St. Louis ...
The rule shields national banks and savings associations, while a separate rule aims to stop similar state bans as the law faces a federal appeal.
- On Friday, The OCC ruled that national banks and savings associations are exempt from the Illinois Interchange Fee Prohibition Act, scheduled to take effect July 1. The OCC also issued a rule blocking similar prohibitions in other states.
- Illinois Bankers Association Executive Vice President Ben Jackson said earlier this month that the law was a last-minute addition to the state budget package two years ago. Jackson stated it bypassed the regular vetting process the legislature typically undertakes.
- Peoria restaurant owner Tremaine Branch warned the law would force small businesses to update payment systems and retrain staff. Branch said, "Those changes take time and money."
- Doug Kantor, general counsel for the National Association of Convenience Stores, argued the act would save businesses and consumers billions. Kantor called the current swipe fee system a "walking, talking cartel."
- The Seventh Circuit Court of Appeals will hear oral arguments on May 13 regarding an appeal of the law. District Court Judge Virginia Kendall previously upheld it, though President Donald Trump or federal courts could ultimately overrule The OCC.
23 Articles
23 Articles
Chicago Tribune
The Lawton ConstitutionFederal government intervenes to block Illinois’ landmark credit card swipe fee as lawmakers weigh options
Federal order is the latest development in a nearly two-year fight between banks and retailers over an Illinois law that bans so-called swipe fees on the tax and tip portions of customers’ bills.
Trump Doubles Back On Credit Card Swipe Fees
This is a web version of The Lever’s daily email newsletter. 🌞 Happy Tuesday! Is it just me, or is it hot in here?🔥 Today in The Lever: The unprecedented power currently wielded by the executive branch is no accident.👇 Further down in this newsletter:A backdoor assist keeping credit card swipe fees high.Which profitable corporations paid $0 in federal income taxes last year.The Democrat whipping support for the Trump administration’s warrantl…
Federal banking regulator blocks Illinois swipe fee law for national banks
According to a ruling issued April 24 by the Office of the Comptroller of the Currency, the Illinois law cannot be enforced against nationally chartered banks or federal savings associations.
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