OCC submits interim final rule, preemption determination to OMB on Illinois Interchange Fee Prohibition Act’s applicability to national banks

On April 14, the OCC submitted an interim final rule and a preemption determination to the OMB’s Office of Information and Regulatory Affairs (OIRA) for review under Executive Order 12866 (as amended). The interim final rule, titled “National Bank Non-Interest Charges and Fees” (RIN 1557-AF54), appears to relate to national banks’ authority to charge and receive interchange fees under the National Bank Act.... By: Orrick, Herrington & Sutcliffe LLP