What the Illinois interchange decision means for credit unions

A federal judge has largely upheld Illinois’ Interchange Fee Prohibition Act (IFPA), prompting America’s Credit Unions and other financial industry groups to appeal the ruling to the U.S. Court of Appeals for the Seventh Circuit.

A new Compliance Blog post outlines background on the bill, the legal challenge spearheaded by America’s Credit Unions, the Illinois Credit Union League, the Illinois Bankers Association, and the American Bankers Association, and what the decision means for credit unions.

“This decision results in a number of significant compliance challenges for credit unions across the country,” notes Federal Regulatory Compliance Counsel Amanda Smith in the post. “Any member from any credit union who uses their card in the state of Illinois subjects that credit union to compliance requirements.”

The plaintiffs plan to file the appeal imminently. America's Credit Unions will keep credit unions informed of developments and will continue its relentless advocacy to protect the payments system.

Access the blog post