Susan explains how recent actions by the OCC and NCUA could have a major impact on state-chartered credit unions dealing with Illinois’ Interchange Fee Prohibition Act (IFPA). Regulators are signaling stronger federal protections that could prevent state laws from interfering with how credit unions process card transactions and collect interchange fees. She highlights concerns that the Illinois law could create costly compliance challenges and confusion across the payments system if other states follow suit. Overall, these developments are a potentially important win for credit unions and their ability to continue serving members efficiently.
Read the full article here: https://www.cuinsight.com/ifpa-update-why-recent-occ-and-ncua-actions-could-be-a-game-changer-for-state-chartered-credit-unions/