Today, Governor Pritzker signed the proposal introduced and passed by the IBA and our coalition to extend the effective date of the Interchange Fee Prohibition Act (IFPA) by a year until July 1, 2026. Full text is here.
The IBA thanks Governor Pritzker and his staff for his swift signature of this important legislation and for their careful study of the IFPA’s consequences on the Illinois economy. We also thank our bill sponsors, Representative Margaret Croke and Senator Mark Walker, for their tireless advocacy on the interchange issue throughout the spring.
Overwhelming and bipartisan supermajorities of lawmakers voted for this bill. We strongly encourage you to thank your state legislators who supported the bill. Send a pre-written “Thank You” email and look up your lawmaker. Better yet, text or call your lawmakers. If you have questions about how your lawmaker voted, contact Ben Jackson.
Ben Jackson of the IBA and Ashley Sharp of the Illinois Credit Union League provided the following statement:
“We thank Governor Pritzker and his staff for their attention to this important issue that will impact millions of Illinoisans. In the coming months, we will urge the General Assembly to repeal this law in order to protect Illinois’ local financial institutions, small businesses and consumers from a disruption to the unified global payments system.”