Today, co-plaintiffs the American Bankers Association, Illinois Bankers Association, America’s Credit Unions and Illinois Credit Union League issued the following statement after today’s U.S. District Court ruling in our lawsuit challenging the Illinois Interchange Fee Prohibition Act:
“We are deeply disappointed by today’s ruling, and given the July 1 implementation date of the Illinois Interchange Fee Prohibition Act, we will appeal this decision. As the co-plaintiffs demonstrated and the OCC agreed, IFPA is clearly and fully preempted by federal law. The decision not to protect the payment system from this misguided state law is a serious error that will unleash chaos and confusion on Illinois consumers and businesses. We cannot let that stand.
In light of this outcome, we renew our call for state lawmakers to repeal this flawed law before it can do any more harm to the Illinois economy. The fight over IFPA and any similar proposal will continue.”