US Moves to Block Illinois Swipe Fee Law During Banks’ Appeal

The Trump administration is moving to shield national banks from an Illinois law limiting “swipe fees” on retail taxes and tips, even as a federal appeals court reviews banks’ challenge to the law.

The Office of the Comptroller of the Currency, which regulates national banks such as JPMorgan Chase & Co. and Bank of America Corp., on Tuesday filed an interim final rule with the White House that would preempt Illinois’ first-of-its-kind Interchange Fee Prohibition Act.

The federal regulator’s intervention is the latest twist in a long-running dispute involving banks, credit card networks, and retailers over the fees charged ...