SPRINGFIELD – The Illinois Retail Merchants Association (IRMA) released the following statement after the Trump Administration issued a rule through the Office of the Comptroller of the Currency attempting to block Illinois’ Interchange Fee Prohibition Act, which would limit swipe fees banks and credit card companies can charge businesses and consumers:
“Banks and credit card companies will stop at nothing to protect their ability to charge outrageous swipe fees, going so far as to recruit the Trump Administration to block an Illinois law that was recently upheld by a federal judge. Consumers should take note of who is prioritizing the bottom line of banks and credit card companies over meaningful financial relief for neighborhood businesses and working families,” said Rob Karr, president and CEO of the Illinois Retail Merchants Association. “We should all be disturbed by their efforts to evade the law, undermine the legal system and threaten the very consumers they purport to serve. We are confident the courts will make the final decision in this matter – not an agency operating at the behest of big banks and credit card companies.”
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.