Banking and credit groups opposed to a new Illinois law banning certain credit card fees argued before a federal judge on Wednesday that the regulation would be costly to financial institutions and is preempted by existing federal law for national, state and out-of-state banks. The hearing on a request for a preliminary injunction followed months of complaints from the banking industry that Illinois’ first-in-the-nation law will hurt their business and cause headaches for consumers.

BING NEWS:
  • Federal judge partially blocks Illinois banning swipe fees on taxes and tips
    An Illinois law banning credit card companies and banks from charging swipe fees on taxes and tips is on hold.Judge Virginia Kendall, a federal judge in the U.S. District Court for the Northern ...
    12/23/2024 - 12:33 pm | View Link
  • Chicago 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 ...
    12/23/2024 - 7:29 am | View Link
  • Credit Card Fee Law Faces Legal Challenges in Illinois Federal Court
    Illinois' new credit card fee law faces federal scrutiny. Visa, Mastercard held accountable, while national banks claim preemption. Learn more here!
    12/23/2024 - 5:59 am | View Link
  • Federal Judge refuses to lift injunction blocking CFPB credit card late fee rule
    A Texas federal judge has refused to lift the preliminary injunction blocking the CFPB’s enforcement of its final rule that would require ...
    12/19/2024 - 4:15 am | View Link
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