CHICAGO--The credit union voice is at the center of a new ad in a statewide campaign opposing the Illinois Interchange Fee Prohibition Act (IFPA), America's Credit Unions noted.
In the video, Frank Padak, president/CEO of Scott Credit Union, emphasizes that the IFPA is a handout to the biggest retailers at the expense of community financial institutions and those they serve.
“For 80 years, credit unions like ours have served military families, veterans, and local communities. Today, we are still helping our members through affordable loans and access to credit. But lawmakers approved a policy that is bad for consumers and bad for business, leaving local institutions in a lurch,” he says.
As CUToday.info has extensively reported, the IFPA would prohibit collection of interchange on the tax/gratuity portion of a card transaction, and the campaign ad addresses the negative impact if it takes effect as planned July 1.
It’s the latest installment in a statewide campaign with ads appearing on television, online, and in other media outlets throughout Illinois, ACU noted.
America’s Credit Unions and the Illinois Credit Union League filed a brief this week with the U.S. Court of Appeals for the 7th Circuit emphasizing that the OCC’s rule renders the IFPA unenforceable. Opening arguments in the challenge are scheduled to begin next week.