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IBA Files for Summary Judgment and Permanent Injunction in Interchange Law Litigation. The Illinois Bankers Association and its co-plaintiffs have filed a motion for summary judgment and a permanent injunction in our lawsuit to declare the Interchange Fee Prohibition Act (IFPA) preempted, unconstitutional, and invalid. The IBA also filed a written declaration from an expert witness highlighting the technical challenges of trying to comply with the IFPA and demonstrating how intertwined the payment card ecosystem is. The motion is scheduled to be presented to the court April 16, 2025. Read the IBA’s Motion for Summary Judgment and Permanent Injunction and the expert testimony report.
March 18, 2025
OCC Conditionally Approves National Bank’s Fintech Business Model. The OCC has announced its conditional approval of an application from fintech company SmartBiz Loans to acquire CenTrust Bank, N.A., of Northbrook, Illinois, and conduct small business lending activities on a nationwide basis. Acting Comptroller Hood stated that this action “demonstrates the OCC’s commitment to a regulatory framework that support innovations in banking that expand access to financial services for consumers and communities across the country.” Read the announcement
and conditional approval.
March 18, 2025
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