IFPA Litigation Co Plaintiffs on Seventh Circuit Decision to Remand Case to District Court

WASHINGTON — The Illinois Bankers Association, Illinois Credit Union League, American Bankers Association and America’s Credit Unions issued the following joint statement in response to the U.S. Court of Appeals for the Seventh Circuit’s decision to remand the litigation challenging the Illinois Interchange Fee Prohibition Act to the U.S. District Court for the Northern District of Illinois for further proceedings:

“In light of the Seventh Circuit's order, we welcome the opportunity to resume our legal challenge to the Illinois Interchange Fee Prohibition Act in district court. As we have consistently argued, the Illinois Interchange Fee Prohibition Act conflicts with federal law, and recent regulatory actions only reaffirm that fact.

“The Office of the Comptroller of the Currency’s recent interim final actions directly address the core issues in this case and further strengthen our position that IFPA is preempted by federal law. With the law scheduled to take effect in Illinois on July 1, it is critically important for all parties to recognize the need for a timely resolution to provide certainty for consumers, businesses and financial institutions.

“Even better would be for the Illinois legislature to recognize that IFPA was a mistake and repeal this misguided law, sparing Illinois consumers and businesses from payment chaos and confusion."

About the American Bankers Association
The American Bankers Association is the voice of the nation’s $25.3 trillion banking industry, which is composed of small, regional and large banks that together employ over 2 million people, safeguard $20.1 trillion in deposits and extend $13.5 trillion in loans.

About the Illinois Bankers Association
The Illinois Bankers Association, the voice of Illinois' banking industry, is a full-service trade association dedicated to creating a positive business climate that benefits the entire banking industry and the communities they serve. Founded in 1891, the IBA brings together state and national banks and savings banks employing over 105,000 people in nearly 4,500 offices.

About America's Credit Unions
America’s Credit Unions is the unified voice for not-for-profit credit unions, representing more than 95% of the industry's assets and their more than 144 million members nationwide. America’s Credit Unions provides strong advocacy, resources and services to advance, empower, and protect credit unions and the people and communities they serve. For more information about America’s Credit Unions, visit AmericasCreditUnions.org.

About the Illinois Credit Union League
The Illinois Credit Union League is the primary trade association for more than 200 state and federal credit unions in Illinois. It focuses on providing legislative and regulatory advocacy, compliance assistance and information, and a wide range of educational and training services to those credit unions, who serve about 4.1 million members. More information can be found at www.icul.com.

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $25.3 trillion banking industry, which is composed of small, regional and large banks that together employ over 2 million people, safeguard $20.1 trillion in deposits and extend $13.5 trillion in loans.

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