Injunction Delaying Illinois Interchange

WASHINGTON —

The American Bankers Association, Illinois Bankers Association, America’s Credit Unions and the Illinois Credit Union League issued the following statement after today’s decision by the U.S. District Court for the Northern District of Illinois to pause implementation of the Illinois Interchange Fee Prohibition Act (IFPA):

"We welcome today's U.S. District Court ruling pausing implementation of the Illinois Interchange Fee Prohibition Act for national banks and federal savings associations. The injunction means that many Illinois consumers will be spared the chaos this law threatens to inflict on our modern payments system until the case can be heard, and that the court recognizes our 'demonstrated likelihood of success' on the merits of our National Bank Act claims. We look forward to answering the judge's questions to ensure that this relief applies to all financial institutions involved in the Illinois payment system, so the customers they serve will also be protected from the harm IFPA will cause if it is allowed to move forward."

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Bank and Credit Union Groups Welcome Injunction Delaying Illinois Interchange Fee Prohibition Act Implementation

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