Illinois swipe fee law survives first legal challenge
CHICAGO (Capitol News Illinois) — A first-in-the-nation law that would prohibit banks and credit card companies from charging swipe fees on tips and taxes survived a major hurdle in court Tuesday, but opponents vow it will not be the last challenge. Financial institutions, including the Illinois Bankers Association and Illinois Credit Union League, filed a lawsuit against the Interchange Fee Prohibition Act in late 2024, arguing it would create an overly complex and burdensome payments system for debit and credit card purchases. […]
