Merchants Criticize New Rule Allowing Credit Unions to Bypass Illinois Interchange Fee Law
Retailers and restaurant groups have criticized the National Credit Union Administration's new rule, which allows credit unions to bypass an Illinois law limiting interchange fees on tax and tip portions of customer bills. The NCUA implemented its 'interim final rule' without a standard notice-and-comment period, prompting legal challenges from merchant organizations who argue it promotes anticompetitive behavior.
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Topics: credit unions federal preemption interchange fees merchant advocacy