Card Industry On Watch as Illinois Delays Interchange Fee Cap Until 2026
Illinois lawmakers have voted to delay the implementation of a state law that aims to ban banks and payment networks from charging interchange fees on the sales tax and gratuity portions of a credit or debit card transaction. While the act isn’t directly applicable to many participants in today’s credit card ecosystem, its ramifications stand to impact merchants and credit card issuers across the country. The Interchange Fee Prohibition Act (IFPA), previously scheduled to go... read more »