OCC Preempts Illinois Interchange Fee Prohibition Act to Preserve U.S. Payments System Stability
The Office of the Comptroller of the Currency (OCC) issued interim final rules preempting the Illinois Interchange Fee Prohibition Act (IFPA), which could have disrupted the U.S. payments system. The Electronic Transactions Association (ETA) supports this action, emphasizing the importance of a unified payments system for economic stability and efficiency. The payments industry contributes significantly to the U.S. economy, generating $354 billion in GDP and supporting 2 million jobs.
Topics: ETA interchange fees OCC payments industry regulatory action