News

IBA Files Motion for Summary Judgment in Interchange Fee Prohibition Act Challenge

3/18/2025

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.

Federal Court Extends Preliminary Injunction on Illinois Interchange Law to Out-of-State Banks

2/7/2025

A federal judge for the Northern District of Illinois has extended a preliminary injunction against enforcement of the Illinois Interchange Fee Prohibition Act (IFPA) to out-of-state state-chartered banks, following the judge’s request for supplemental briefing on the issue. The order recognizes that “forcing out-of-state banks to comply with the IFPA would run afoul” of the Riegle–Neal Interstate Banking and Branching Efficiency Act. However, the order did not extend the preliminary injunction to credit unions.

Federal Court Denies Retailer Groups’ Request to Intervene in IBA’s Interchange Litigation

1/31/2025

A federal judge for the Northern District of Illinois has denied a retailer groups’ motion to intervene as defendants in the IBA’s litigation challenging the Interchange Fee Prohibition Act. The court held that the retailers failed to show that the Illinois attorney general will not adequately represent their interests and granting the motion would “needlessly ‘use up the [C]ourt’s time and resources.’” The court will, however, consider the amicus brief filed by the retailer groups.

IBA Welcomes Injunction Delaying Illinois Interchange Fee Prohibition Act Implementation

12/23/2024

A federal judge on Friday ordered a preliminary injunction against enforcement of the Illinois law restricting interchange fees for national banks and federal savings associations but left the law in effect for Illinois-chartered institutions and credit card networks for now. The order also leaves the law in effect for out-of-state banks and federal credit unions until the court can review the legal arguments in more detail.

IBA, ABA, and Credit Union Groups File Legal Challenge to Illinois Law Restricting Interchange Fees

8/16/2024

The Illinois Bankers Association together with the American Bankers Association, America’s Credit Unions and the Illinois Credit Union League today filed a complaint in the U.S. District Court for the Northern District of Illinois challenging the Illinois Interchange Fee Prohibition Act (IFPA). The IFPA, which was signed into law on June 7, would ban banks, payment networks and other entities from charging or receiving interchange fees in Illinois on the portion of a debit or credit card transaction attributable to tax or gratuity. The law has been opposed by a number of Illinois business groups. It has also been criticized by the editorial boards of the Chicago Tribune and Crain’s Chicago Business. https://gotoiba.com/uploads/compliance-connection/20240815_Illinois_Interchange_Complaint_as_filed.pdf

IBA Announces Illinois Bankers and Linda J. Koch Scholarships Recipients

8/7/2024

The Illinois Bankers Association (IBA) is proud to announce the recipients of the 2024 Illinois Bankers and Linda J. Koch Scholarships. These prestigious awards support high school graduates and college students pursuing degrees in the financial services sector. Eligible applicants must be sponsored by an IBA member financial institution and show a keen interest in a banking career. Additionally, candidates for the Linda J. Koch Scholarship must demonstrate exceptional leadership, and service attributes, while meeting other specified criteria.

Illinois Bankers Association Announces New Board of Directors Members for 2024-2025

6/28/2024

The Illinois Bankers Association (IBA) is proud to announce new board members for 2024 - 2025, which will further enhance the association’s record of advocacy on behalf of banks across the state. “We are honored to have these industry leaders serve on our Board of Directors, where their skills and expertise will help build a stronger banking community for all,” said Randy Hultgren, President and CEO of the Illinois Bankers Association.

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