ABA, plaintiffs urge court to overturn Illinois interchange fee law
Recent actions by the OCC make clear that federal law preempts an Illinois law restricting interchange fees, so a federal ...
Tag: Credit cards
Fed survey: Unbanked rate little changed in 2025
Roughly 6% of U.S. adults were unbanked last year, a figure that has held steady since 2021. The Fed survey ...
New York Fed: Household debt holds at $18.8T in Q1
Household debt increased by $18 billion, or just 0.1%, to hold steady at $18.8 trillion in the first quarter of ...
Seventh Circuit sends Illinois interchange litigation back to district court
ABA and other financial trade groups welcomed the opportunity to resume their legal challenge to IFPA in district court, arguing ...
Colorado legislature sends state-level interchange bill to governor
The Colorado bill is similar to the Illinois Interchange Fee Prohibition Act, or IFPA, which bans banks, payment networks and ...
Bill to restrict interchange fees clears Colorado Senate
The Colorado Senate narrowly passed legislation to prohibit the collection of interchange fees for sales taxes, with the bill modeled ...
OCC issues two interim final actions related to IFPA preemption
The OCC’s interim final order confirms that federal law preempts the IFPA, expressly providing that national banks and federal savings ...
ABA: Illinois interchange law will ‘wreak havoc’ on payment systems
If enforcement of an Illinois law restricting interchange fees is not prevented before July 1, it will upend the debit- ...
ABA recommends revisions to CFPB credit card plan survey
The CFPB should revise a regular survey on credit card plans to undo changes made by the previous administration that ...
FTC issues ‘debanking’ warnings to payment companies
The Federal Trade Commission sent letters to four payment service providers to warn them from engaging in alleged “debanking” activities.
