Financial Services Law Blog:Visa, Mastercard, and American Express Face Legal Setback as Judge Upholds Illinois Law on Credit Card Fee and Data Restrictions
JAN 16, 2025
Visa, Mastercard, and American Express Face Legal Setback as Judge Upholds Illinois Law on Credit Card Fee and Data Restrictions
A recent ruling in the U.S District Court for Northern District of Illinois Eastern Division has left major credit card companies like Visa, Mastercard, and American Express reeling after the Court refused to enjoin an Illinois law restricting interchange fees on gratuity, tip, or state and local taxes. The decision marks a significant development in the ongoing battle over credit card fee regulations, potentially reshaping the financial landscape for issuers, banks, businesses, and consumers.