Illinois AG Appeals Ruling Shielding Federal Credit Unions From Interchange Law
By CU Today Staff —
WASHINGTON--In a new court filing, the Illinois Attorney General Kwame Raoul filed a notice of appeal to the Seventh Circuit Court of Appeals following the district court’s ruling that prevents the Illinois Interchange Fee Prohibition Act (IFPA) from applying to federal credit unions, as well as national banks, state banks chartered outside Illinois, and payment card networks, America's Credit Unions reported.
America’s Credit Unions and the other plaintiffs filed a cross-appeal and the appeal was transmitted to the Seventh Circuit on Monday. This action sets up another round of litigation over the bill, which is strongly opposed by credit unions, ACU noted.
The Illinois Assembly delayed the IFPA’s implementation to July 1, 2027, to allow time for initial litigation to play out. Following the court’s permanent injunction issued in September that added federal credit unions, the case was appealed back to the 7th Circuit. Depending on continued court action, it may eventually reach the U.S. Supreme Court.
"America’s Credit Unions and the Illinois Credit Union League remain focused on protecting state-chartered credit unions from the IFPA and defending as needed against future higher court decisions," ACU said.
Originally reported by CU Today.