Financial Institutions, Interchange Fees, Regulatory Requirements

District court receives amici request to participate in oral argument

Orrick, Herrington & Sutcliffe LLP on 6/23/2025

On June 13, the U.S. District Court for the District of North Dakota received a motion from two amici curiae seeking leave to participate in oral arguments scheduled for July 23 on the parties’ cross motions for summary...more

Illinois Delays Interchange Fee Ban by One Year

Sheppard Mullin Richter & Hampton LLP on 6/13/2025

On June 1, the Illinois General Assembly passed a bill that, if enacted, will delay the effective date of the Interchange Fee Prohibition Act by one year, from July 1, 2025, to July 1, 2026. The law prohibits financial...more

Illinois swipe fee injunction extended to cover out-of-state banks, but not federal credit unions

Ballard Spahr LLP on 2/20/2025

Chief Judge Virginia Kendall of the Northern District of Illinois has extended her preliminary injunction prohibiting Illinois from enforcing the Illinois Interchange Fee Prohibition Act (the “IFPA”) to cover out-of-state...more

SCOTUS to Determine When Clock Starts under APA’s Statute of Limitations

Ballard Spahr LLP on 10/3/2023

Last Friday, the U.S. Supreme Court agreed to decide when a right of action first accrues for an Administrative Procedure Act (APA) challenge to a final rule issued by a federal agency—when the final rule is issued or when...more

Supreme Court to Decide Commencement of APA Statute of Limitations Period in Debit Card Fee Challenge

Troutman Pepper Locke on 10/3/2023

The U.S. Supreme Court has granted the petition for certiorari in Corner Post, Inc. v. Board of Governors of the Federal Reserve System (Board), a case where Corner Post challenges a 2011 Board rule that governs certain fees...more

Payments regulatory news, March 2020

Hogan Lovells on 3/16/2020

PSR issues new directions and response to consultation feedback - The Payment Systems Regulator (PSR) has issued new versions of its directions following its consultation in CP19/3. It has also published a document,...more