Credit Card Fee Law Faces Legal Challenges in Illinois Federal Court
America ı By Rochdi Rais
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Meanwhile, the American Bankers Association, Illinois Bankers Association, America's Credit Unions, and the Illinois Credit Union League said in a joint statement that they "welcome" the ruling.
"The injunction means that many Illinois consumers will be spared the chaos this law threatens to inflict on our modern payments system until the case can be heard, and that the court recognizes our 'demonstrated likelihood of success' on the merits of our National Bank Act claims," the groups said Friday.
They added, "We look forward to answering the judge's questions to ensure that this relief applies to all financial institutions involved in the Illinois payment system, so the customers they serve will also be protected from the harm IFPA will cause if it is allowed to move forward."
The Merchants Payments Coalition also issued a statement celebrating the ruling Friday and noting that three of its member associations have asked to join the suit. MPC Executive Committee member Doug Kantor said in the statement, "Illinois small businesses and their customers, along with workers who depend on tips, will benefit from protection against Visa and Mastercard's abusive swipe fees under this law."
"The judge agreed that Visa and Mastercard cannot burden businesses and consumers with fees on taxes and tips," said Kantor, who's also the general counsel for the National Association of Convenience Stores. "The card industry will still collect billions in swipe fees in Illinois alone under this law, but it is a key first step in bringing swipe fees under control. We look forward to the law taking effect against Visa and Mastercard in July."
The banking trade groups' suit has garnered the support of the Office of the Comptroller of the Currency, a top federal banking regulator that has criticized the law as being an "ill-conceived" threat to the "efficient and effective" banking system.
At the same time, trade groups for restaurants and retailers have urged Judge Kendall to leave the law intact. They contend that relief from the fees at issue is badly needed for small family businesses and consumers.
Judge Kendall heard two hours of oral arguments on the measure in October, commenting at the time that she would be "going back to law school" to study up following the hearing. She added that the statute seemed like a "complicated" way to address higher costs for consumers, but also pushed counsel for banking trade groups to address why she should block a law that hasn't yet taken effect, and if compliance is as burdensome as they claim.
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