The Trump administration will block Illinois or any other state from limiting “swipe” fees from applying to national banks, under regulations issued Friday.
An interim final rule issued Friday by the Office of the Comptroller of the Currency states that interchange fees charged by banks and card networks for processing credit and debit card transactions are included in a broader preemption order that shields national banks from state fee limits.
In addition, an interim final order specifically states that the Illinois Interchange Fee Prohibition Act, which bars the collection of interchange fees on retail taxes and tips, is preempted by ...