A federal judge’s order giving national banks a temporary reprieve from an Illinois law that bars interchange fees on sales taxes and tips should apply to every bank, credit union, and card network operating in the state, attorneys representing the financial services industry said.
Subjecting card networks such as Visa Inc. and Mastercard Inc. to Illinois’ Interchange Fee Prohibition Act would effectively block national banks from collecting their portion of the fees, Charlotte Taylor, a Jones Day partner representing financial services trade groups challenging the law, said at Wednesday oral arguments in the US District Court for the Northern District ...
