SPRINGFIELD – The Illinois Retail Merchants Association (IRMA) released the following statement after the Office of the Comptroller of the Currency of the U.S. Department of the Treasury issued a notice that the agency plans to file an order to preempt Illinois’ Interchange Fee Prohibition Act, which would prohibit banks and credit card companies from charging swipe fees on the tax and tip portion of transactions when a consumer pays with a credit or debit card:
“This rushed announcement by the federal government to usurp Illinois law is unprecedented, prioritizing the bottom line of banks and credit card companies over meaningful relief for businesses and consumers. While the office has failed to explain their reasoning or allow public review, it’s clear the goal is an end-run around the legal process after a judge recently upheld the law,” said Rob Karr, president and CEO of the Illinois Retail Merchants Association. “Banks, credit card companies and credit card processors are doing all they can to preserve an uncompetitive and unfair system, including spending millions of dollars on ads spreading falsehoods and threatening to cause chaos for consumers. It’s time to end their reign over our pocketbooks.”
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.