Illinois legislates to ban interchange fees on tax and tip transactions, sparking dispute among restaurant groups, Senator Dick Durbin, and critics like the Office of the Comptroller of the Currency.
The legal dispute over Illinois' Interchange Fee Prohibition Act intensifies, with restaurant groups challenging the law and Senator Dick Durbin supporting it. The Act, effective next July, prohibits banks from charging interchange fees on tax and tip transactions. Critics, including the Office of the Comptroller of the Currency, argue it could harm the payment system and impose burdens on banks. The outcome may influence similar legislative efforts in other states.
October 12, 2024
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