Wells Fargo & Company

Summary: Wells Fargo & Company supports the OCC's interim final order and rule, arguing that the Illinois Interchange Fee Prohibition Act (IFPA) is preempted by the National Bank Act. The bank contends that a uniform national banking system is essential for efficiency, and that the IFPA would create a costly, complex patchwork of state regulations that interferes with the bank's ability to process payments and manage data.