Illinois Delays Controversial Card Fee Law Amid Legal Challenges
Tuesday, June 17, 2025
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Posted by: Sierra Lindemann
The Illinois General Assembly has postponed the Interchange Fee Prohibition Act until July 2026, giving financial institutions and small businesses temporary relief from a law critics say could destabilize payments in the state. A partial court injunction has already exempted national banks, but state-chartered banks and credit unions remain exposed. A recent analysis suggests nearly 40 percent of projected savings from the law would benefit just 40 large retailers, raising questions about who truly stands to gain.
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