Posts from August 2024.
The Interchange Fee Prohibition Act (IFPA), signed into law in June of 2024 by Illinois Governor J.B. Pritzker, prohibits banks, savings associations, credit union, and others from receiving or charging an interchange fee on the tax and gratuity (tips) portions of debit and credit transactions, as well as placing restrictions on the use or transmittal of electronic payment transactions data.
Welcome to Banking Brief: Financial Services Insights, where Amundsen Davis attorneys provide actionable insights on the laws and trends impacting financial institutions and the banking industry.
RSS Feed