Illinois faces legal challenges over a new law banning interchange fees on taxes and tips, starting July 1, 2025.

Illinois is in a legal battle over a new law that bans interchange fees on taxes and tips, starting July 1, 2025. The Illinois Bankers Association is suing, claiming the law will cause chaos and is preempted by federal banking laws. Senator Dick Durbin supports the law, while the Office of the Comptroller of the Currency argues it is "ill-conceived" and unworkable. The case is ongoing in federal court.

November 30, 2024
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