Merchant

Lawmakers early on Monday voted to push the effective date of the law, which would ban interchange fees on the tax and tip portions of transactions, to July 1, 2027, marking the second delay as merchants and banks continue to battle in court. 

Retailers say the Office of the Comptroller of the Currency's move to preempt an Illinois law undermines states' powers to curb interchange fees charged in their jurisdictions and perpetuates a system that raises costs for businesses and consumers.

Silent attrition and low small-business adoption are among the challenges to banks' corporate card business.

Trade groups challenging an Illinois state law barring interchange fees on taxes and tips are urging a federal judge to rule by June 3 ahead of the law's July 1 effective date.

Comptroller of the Currency Jonathan Gould reiterated his pro-preemption stance Wednesday in response to a question on whether he would move to preempt other state laws — like one passed by the state legislature earlier this month in Colorado — if they come to fruition.

The National Credit Union Administration Tuesday submitted a rule to the Office of Management and Budget stating that federal law preempts state laws on interchange, blocking an Illinois statute banning the collection of swipe fees on taxes and tips.

Suncoast Credit Union moved from one-time identity checks to monitoring members for the life of the account. It says fraud losses fell more than a third.

Sens. Ed Markey and Ron Wyden argue that the Small Business Administration neglected to warn small firms of the risks of merchant cash advances and closed off a key "escape route" from the resulting debts.

The 22nd State Bank in Mobile has been developing its national Always.bank subsidiary over the past year. 22nd State, which was founded in 1917, is eyeing a summertime launch for the online unit.

Banking groups that sued the state of Illinois over its law barring banks from charging interchange fees on taxes and tips cheered an appeals court ruling remanding the law to a lower court and vowed to keep the law going into effect, which is slated for July 1.