Overview
- The Office of the Comptroller of the Currency issued notice of a pending order to override Illinois’ Interchange Fee Prohibition Act.
- The state law would block swipe fees on the tax and tip parts of card purchases and is set to start July 1.
- The case remains on appeal, with Seventh Circuit arguments scheduled for May 13 after a district judge upheld the law in February.
- Gov. J.B. Pritzker said the law works, and the retail merchants group called the OCC step a favor to banks.
- Bank and credit union leaders urged repeal and said the law would reduce access to credit, noting $1,000-per-transaction fines for violations.