SPRINGFIELD – The Illinois Retail Merchants Association (IRMA) released the following statement after banks filed a motion to appeal a ruling by a federal judge that upheld the Interchange Fee Prohibition Act, the largest Main Street relief package Illinois has adopted. Under the law, banks and credit card companies would be prohibited from charging swipe fees on the tax and tip portion of transactions when a consumer pays with a credit or debit card:
“This appeal is an attempt by banks, credit card companies and credit card processors to preserve an unfair system that allows them to charge Illinois businesses and consumers hundreds of millions of dollars in swipe fees every year. While consumers and policymakers grapple with affordability, Wall Street interests have no concerns about raising prices on families and Main Street businesses,” said Rob Karr, president and CEO of the Illinois Retail Merchants Association. “Disturbingly, the credit card cartel continues to resort to disproven scare tactics to thwart this relief package, threatening to cause chaos for consumers when the law takes effect on July 1, 2026. These companies are experts at adapting to different standards across the nation and world, so let’s be clear: any chaos created in Illinois will be their own doing.”
About the Illinois Retail Merchants Association (IRMA)
One of the largest state retail organizations in the United States, IRMA serves as the voice of retail and the business community in state government. Founded in 1957, IRMA represents more than 23,000 stores of all sizes and merchandise lines. From the nation’s largest retailers to independent businesses in every corner of the state, merchants count on IRMA to fight for the best possible environment in which to do business in Illinois. For more information, visit https://irma.org.