CHICAGO--The Illinois Credit Union League and America's Credit Unions have an ad featured in a special edition of USA Today to raise awareness about the consequences of the state's Interchange Fee Prohibition Act (IFPA) and how credit unions are fighting to keep the payments system working for consumers.
The ad specifically highlights how the law would make the "state's payment system more complicated than the rest of the country."
"When it comes to the systems that power your purchases, reliability and security matter. Illinois credit unions are fighting to protect the safe, easy payment experience consumers count on," the ad states.
The special edition was published ahead of the upcoming Major League Baseball season, previewing the Chicago Cubs. The ad directs consumers to ICUL's advocacy resources on the IFPA.
America's Credit Unions, ICUL, and other trades are appealing the recent ruling as part of efforts to overturn the harmful IFPA before it goes into effect July 1. The appeal outlines why the IFPA is preempted by federal law and would "illegally" restrict how financial institutions may receive compensation for providing banking services; several amicus briefs were submitted in support of the appeal, including the Office of the Comptroller of the Currency and Electronic Payments Coalition. EPC is currently running a multimillion-dollar advertising campaign urging state lawmakers to repeal the law, ACU explained.