WASHINGTON, D.C. — Electronic Payments Coalition Executive Chairman Richard Hunt issued the following statement after a federal court in Illinois today dealt another blow to Illinois’ “Credit Card Chaos” law, known as the Interchange Fee Prohibition Act (IFPA):
“This ruling once again shows just how absurd Illinois’ Credit Card Chaos law really is. State lawmakers set out to punish the institutions making seamless payments and commerce possible in an effort to help the largest corporate mega-stores pad their profits. Instead, they have ended up punishing Illinois’ own community banks and credit unions, the institutions whose sole mission is to support Main Street small businesses and Illinois families.
“The only solution is for the legislature to stop kicking the can down the road with delay after delay and finally repeal this flawed law.”
NOTE: The U.S. District Court for the Northern District of Illinois today expanded its permanent injunction to protect federal and out-of-state credit unions, national banks, out-of-state state-chartered banks, federal savings associations and payment card networks. The ruling leaves Illinois-chartered community banks and credit unions increasingly isolated, subjecting them to an unworkable state mandate their federally chartered and out-of-state competitors do not face.
