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.
U.S. District Chief Judge Virginia Kendall of the Northern District of Illinois issued her preliminary injunction Dec. 20, finding 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.
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