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.