Banks Win Temporary Reprieve from Novel Illinois Swipe-Fee Law
By EsqSocial Corporation 24/12/24
On December 20, 2024, an Illinois federal court, in considering a motion for a preliminary injunction brought by the Illinois Bankers Association, American Bankers Association, and other trade groups, ruled that national banks and federal savings associations will not be subject to Illinois’ groundbreaking law that, starting on July 1, 2025, would forbid card issuers, payment card networks, acquirer banks and payment processors from charging retailers for swipe fees on gratuities and “any use...
By: Sheppard Mullin Richter & Hampton LLP