Wildwood

My family has been farming in the Mississippi Delta for more than 80 years, and today we operate Wildwood Cotton Technologies, a 100% farmer-owned and farmer-operated business that supplies recycled and premium cotton fibers and absorbent cotton materials to customers across the country. What started as a small family cotton operation has grown into a global supplier serving the nonwovens, textile, and paper industries, while still staying rooted in the values and work ethic that built agriculture in the Delta. Like many farmer-owned businesses, we depend on reliable systems and consistent access to affordable financial services to keep operations running smoothly, which is why I support the OCC’s interim final rule preempting the Illinois Interchange Fee Prohibition Act (IFPA). The IFPA would prohibit banks and payment networks from charging interchange fees on taxes, creating a patchwork system where payment processors must apply different rules depending on the state. For businesses operating across state lines, that creates unnecessary confusion, added costs and operational headaches. In agriculture and manufacturing, we depend on payment networks that work consistently and reliably everywhere. The IFPA allows one state to disrupt a national system that businesses and consumers across the country rely on every day. When states impose costly changes on the national payments system, the impact doesn’t stay local. Businesses and consumers nationwide ultimately face higher fees, slower processing, and added regulatory burdens. I’m also concerned this could encourage other states to pursue similar measures, further fragmenting the payment system. Interchange revenue also helps support rewards and cashback programs that businesses like ours use to manage costs. Weakening that system means fewer tools and resources for farmer-owned businesses and working families across rural America. I appreciate the OCC taking action to protect the stability and consistency of our national payments system from government overreach. L Gary