Federally chartered credit unions will have to comply with an Illinois law banning “swipe fees” on taxes and gratuities, even as litigation seeking to block the law continues.
The Illinois Interchange Fee Prohibition Act doesn’t conflict with the National Credit Union Act, Judge Virginia M. Kendall of the US District Court for the Northern District of Illinois said in a Thursday ruling, denying a preliminary injunction that would’ve allowed national credit unions to avoid following the law while the lawsuit continues.
Kendall granted a preliminary injunction for banks with charters from other states operating in Illinois, matching one that ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.