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EMARKETER

Illinois interchange battle heats up—here’s what it means for issuers

Article by Grace Broadbent  |  Oct 11, 2024
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Illinois interchange battle heats up—here’s what it means for issuers
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Credit & Debit
United States

The news: US Senator Dick Durbin (D-IL) filed an amicus brief in support of the Illinois Interchange Fee Prohibition Act (IFPA), per a press release.

  • IFPA bars interchange fees on the tax and tip portions of credit and debit card transactions.
  • Signed into law in June, it’s being challenged in a lawsuit by the Illinois Bankers Association, the American Bankers Association (ABA), and other groups.

Why this matters: Durbin is a central player in this debate.

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