The Illinois Bankers Association and its co-plaintiffs have filed a reply brief and a statement of additional facts in our lawsuit challenging the Interchange Fee Prohibition Act (IFPA).
Our reply brief argues that the IFPA is preempted, unconstitutional, and invalid and emphasizes that banks and the entire payments industry must be protected from the law, as “there is simply no way for an exempt bank issuer to receive the full amount of interchange if another participant in the payment ecosystem, including the acquirer, processor or network — all of which generally precede the issuer in the payment chain — are barred from conveying the full amount to the issuer.”
Ben Jackson of the Illinois Bankers Association and Ashley Sharp of the Illinois Credit Union League made the following statement:
“Our filing makes clear why every participant in the Illinois payment system, including the state’s community banks and credit unions, deserves to be spared from the harm the Illinois Fee Prohibition Act would unleash if allowed to take effect on July 1. The biggest losers from this misguided state law will be small businesses and consumers who will experience chaos and confusion every time they try and use their credit card to pay for gas, groceries or a family dinner at a local restaurant. We’ve presented a strong legal case, and we appreciate the court’s willingness to look closely at the facts and the law, which are both on our side.”
Read the IBA’s Reply in Support of Motion for Summary Judgment and a Permanent Injunction and Statement of Additional Facts. The Illinois Bankers Association and its co-plaintiffs have filed a reply brief and a statement of additional facts in our lawsuit challenging the Interchange Fee Prohibition Act (IFPA).