News Story

The Illinois Bankers Association, American Bankers Association, Illinois Credit Union League and America’s Credit Unions filed a Motion for Summary Judgment in our lawsuit challenging the Illinois Interchange Fee Prohibition Act (IFPA), with a declaration from an expert witness. Building on the judge’s earlier rulings in our favor, we asked the court to (1) grant the summary judgment and (2) permanently enjoin the Illinois Attorney General from enforcing the IFPA. The motion also makes the case that only by including all participants in the complex payment card ecosystem will the court have provided the necessary relief under the law:

“Finally—and crucially—the Court should enter a permanent injunction that covers not only federal and out-of-state banks, savings banks, and credit unions, but also other participants in the tightly intertwined payment system when they perform functions necessary to those institutions’ federally protected payment businesses.  As the more developed—and undisputed—record shows, absent this relief, the IFPA would continue to indirectly (and improperly) restrict federally protected institutions in ways the Court has already determined the State cannot do directly.”