News Story

Joint Statement from Co-Plaintiffs on Retailer Lawsuits Over IFPA Preemption 

Washington - Today, co-plaintiffs the American Bankers Association, Illinois Bankers Association, America’s Credit Unions and Illinois Credit Union League issued the following statement after merchant groups sued the OCC and the NCUA over their decision to preempt the Illinois Interchange Fee Prohibition Act: 

“We're disappointed but not surprised by the merchants' lawsuits, which seek only to undermine the nation's trusted and tested payments system. Federal law governs the powers of federally chartered banks and credit unions. As one federal court has already determined, the OCC and NCUA acted to affirm the longstanding supremacy of federal law over intrusive state regulations like the IFPA and prevent a patchwork of conflicting state requirements that would create payment chaos and uncertainty. We appreciate the willingness of these agencies to protect consumers and businesses and defend the national payment system that helps drive the U.S. economy forward everyday. We look forward to the court affirming their actions."