Credit Unions Score Illinois Swipe Fee Shield
Federally chartered credit unions are immune from an Illinois law barring the collection of “swipe fees” on retail taxes and tips, according to the National Credit Union Administration.
The regulator said federal credit unions enjoy the same preemption powers as national banks, and will be allowed to continue to charge interchange fees on credit and debit card transactions, despite the Illinois Interchange Fee Prohibition Act, Evan Weinberger reports.
Signed in 2024, state lawmakers have delayed the law’s implementation twice amid ongoing litigation from banks and credit unions. Colorado Gov. Jared Polis ...