The rule “rests on an inaccurate understanding of the modern credit and debit card payments ecosystem and, as a result, does not provide a sound legal basis” for preempting the Illinois Interchange Fee Prohibition Act, MPC said.
U.S. District Judge Brian Cogan on Tuesday gave preliminary approval to the proposal.
The developments in Illinois come as Colorado legislation that would ban swipe fees on sales tax is awaiting the signature of Gov Jared Polis.
Today’s announcement by the OCC comes three months after Trump endorsed the Credit Card Competition Act, saying it is needed “to stop the out of control Swipe Fee ripoff.”
