The federal government has moved to partially block an Illinois law banning electronic processing fees on the tax and tip portions of credit and debit card transactions, but President Donald Trump or federal courts could overrule the Office of the Comptroller of the Currency.
The OCC ruled on Friday that national banks and savings associations are not required to comply with the Illinois Interchange Fee Prohibition Act scheduled to take effect July 1.
Illinois Bankers Association Executive Vice President Ben Jackson said the law was a last-minute addition to the state budget package two years ago.
Doug Kantor, general counsel for the National Association of Convenience Stores, said the OCC has a history of contradicting presidential administrations in favor of big Wall Street banks.
Kantor said Trump called it the “swipe fee ripoff.”
Kantor said the administration or the courts could take action to change what the OCC is doing.
Story from Illinois Radio Network
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