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Electronic Payments Coalition |

Federal Banking Regulator Opposes State Interchange Bills, Calls Illinois Law “Ill-Conceived”

The Office of the Comptroller of Currency (OCC) filed a scathing amicus brief highlighting the glaring flaws in a new credit and debit card law set to take effect on July 1, 2025. The OCC called the law “bad policy and an unlawful interference with federally granted powers.” “The OCC said it best, the new Illinois law is ‘ill-conceived, highly unusual and largely unworkable’ and would lead to ‘higher fees, reduced services, and weakened fraud protection,’” said Richard Hunt, Executive Chairman of the Electronic Payments Coalition.
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Electronic Payments Coalition |

Office of the Comptroller of the Currency Amicus Brief Opposing Illinois Credit Card Law

In a court filing late on October 2nd, the Office of the Comptroller of the Currency (OCC) blasted the first-of-its kind Illinois law as an “ill-conceived, highly unusual, and largely unworkable state law that threatens to fragment and disrupt” the nation’s banking system. The OCC urged the judge to stop the Illinois law, arguing that the state’s new restrictions on interchange fees are preempted by federal banking laws.
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