Joint Statement from Co-Plaintiffs on Retailer Lawsuits Over IFPA Preemption

Today, co-plaintiffs the American Bankers Association, Illinois Bankers Association, America’s Credit Unions and Illinois Credit Union League issued the following statement after merchant groups sued the OCC and the NCUA over their decision to preempt the Illinois Interchange Fee Prohibition Act: 

“We're disappointed but not surprised by the merchants' lawsuits, which seek only to undermine the nation's trusted and tested payments system. Federal law governs the powers of federally chartered banks and credit unions. As one federal court has already determined, the OCC and NCUA acted to affirm the longstanding supremacy of federal law over intrusive state regulations like the IFPA and prevent a patchwork of conflicting state requirements that would create payment chaos and uncertainty. We appreciate the willingness of these agencies to protect consumers and businesses and defend the national payment system that helps drive the U.S. economy forward everyday. We look forward to the court affirming their actions."

About the American Bankers Association
The American Bankers Association is the voice of the nation’s $26.5 trillion banking industry, which is composed of small, regional and large banks that together employ over 2 million people, safeguard $20.7 trillion in deposits and extend $13.9 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 96% of the industry's assets and their more than 146 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.