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.
Banks Ask Federal Judge To Block State Law Banning Certain Credit Card Fees
Olivia Olander, Chicago Tribune: Business
Wed, 10/30/2024 - 4:51pm
Topics: u.s district court chicago illinois attorney general kwame raoul u.s district judge virginia kendall american bankers association america s credit unions illinois credit union league credit charlotte taylor technical office comptroller currency u.s department treasury in illinois darren kinkead if state springfield ben jackson gov jb pritzker sen dick durbin visa mastercard jackson judge kendall illinois illinois i u.s illinois bankers association credit july banks taylor jackson federal judge tax request charge pushed largely consumers system weeks change case bad arguments separate customers effect based wednesday
BING NEWS:
- Banks ask federal judge to block Illinois law banning certain credit card fees
CHICAGO — 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 ...
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Illinois defended its law eliminating payment card interchange fees at a federal district court hearing Wednesday, arguing that banks lack standing to seek an injunction against its enforcement.
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Banking industry attorneys are asking a Chicago federal court to stop a new state law limiting how much they can collect on credit card transaction fees before it can take effect.
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