The news: US Senator Dick Durbin (D-IL) filed an amicus brief in support of the Illinois Interchange Fee Prohibition Act (IFPA), per a press release.
- IFPA bars interchange fees on the tax and tip portions of credit and debit card transactions.
- Signed into law in June, it’s being challenged in a lawsuit by the Illinois Bankers Association, the American Bankers Association (ABA), and other groups.
Why this matters: Durbin is a central player in this debate.