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.
The Illinois attorney general’s office didn’t immediately respond to a request for comment late Friday.
