Joint Statement from Co-Plaintiffs on U.S. District Court IFPA Ruling

Today, co-plaintiffs the American Bankers Association, Illinois Bankers Association, America’s Credit Unions and Illinois Credit Union League issued the following statement after today’s U.S. District Court ruling in our lawsuit challenging the Illinois Interchange Fee Prohibition Act:

"We are deeply disappointed by today’s ruling, and given the July 1 implementation date of the Illinois Interchange Fee Prohibition Act, we will appeal this decision. As the co-plaintiffs demonstrated and the OCC agreed, IFPA is clearly and fully preempted by federal law. The decision not to protect the payment system from this misguided state law is a serious error that will unleash chaos and confusion on Illinois consumers and businesses. We cannot let that stand.
 
“In light of this outcome, we renew our call for state lawmakers to repeal this flawed law before it can do any more harm to the Illinois economy. The fight over IFPA and any similar proposal will continue."

About the American Bankers Association
The American Bankers Association is the voice of the nation’s $25.1 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.7 trillion in deposits and extend $13.2 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.