Credit: Delcio Fernandes/peopleimages.com/Adobe StockChicago Federal Court Offers Banks Relief From Illinois' Historic Credit Fee Curbs
U.S. District Chief Judge Virginia Kendall of the Northern District of Illinois found that a coalition of banking associations represented by Jones Day and Skadden, Arps, Slate, Meagher & Flom would likely show that the National Bank Act preempts the Illinois Interchange Fee Prohibition Act.
December 23, 2024 at 04:29 PM
4 minute read
Illinois bankers notched a major victory in their challenge against a first-of-its-kind state law limiting interchange fees on credit and debit transactions, convincing a Chicago federal court to shield national banks and federal savings associations from the restrictions while their lawsuit is heard.
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