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IBA Submits New Filings in Interchange Law Litigation. 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). The 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.” Read the IBA’s Reply in Support of Motion for Summary Judgment and a Permanent Injunction and Statement of Additional Facts.
May 8, 2025
CFPB Rescinds Rule Supporting State Enforcement Activity. The CFPB has rescinded its 2022 interpretive rule that had supported and encouraged state-level enforcement of the Consumer Financial Protection Act (CFPA). The CFPB states that its previous interpretations of the CFPA “were improper.” Read the interpretive rule.
May 15, 2025
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