American Bankers Association, Illinois Bankers Association, America’s Credit Unions, and Illinois Credit Union League

Summary: The American Bankers Association, Illinois Bankers Association, America’s Credit Unions, and the Illinois Credit Union League support the OCC's interim final rule clarifying that national banks have the authority to collect interchange fees. They argue the rule is necessary to preempt state laws like the Illinois Interchange Fee Prohibition Act (IFPA), which they claim would impose massive compliance costs and fragment the national payments system. The groups also suggest the OCC extend these regulatory clarifications to federal savings associations.