OCC preempts Illinois interchange fee law, clarifies bank authority to charge non-interest fees

On April 24, the OCC issued an interim final rule and an interim final order related to the Illinois Interchange Fee Prohibition Act (IFPA), which bans interchange fees on the tax or gratuity portions of a transaction and imposes restrictions on the use of data obtained as part of card transactions.... By: Orrick, Herrington & Sutcliffe LLP