News & Analysis as of

Illinois Financial Services Industry

Troutman Pepper Locke

Illinois Passes Bill Prohibiting Collection of Coerced Debt

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On May 22, Illinois House Bill 3352 passed the Illinois legislature and now awaits Governor JB Pritzker’s signature. This bill amends the Illinois Collection Agency Act to provide an individual a way to avoid liability for a...more

BakerHostetler

[Podcast] The Cloakroom with Peter Roskam: 36th Annual Legislative Seminar – Congressman Raja Krishnamoorthi, D-IL

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Former Congressman Peter Roskam, who leads BakerHostetler’s Federal Policy team, provides listeners with a front-row seat to the most important policy and political debates in Congress. In this episode of “The Cloakroom with...more

Orrick, Herrington & Sutcliffe LLP

Illinois amendment to delay the effective date of its Interchange Fee Prohibition Act passes both chambers

On May 31, the Illinois General Assembly passed legislation to defer the effective date of the Interchange Fee Prohibition Act by one year until July 1, 2026. As previously covered by InfoBytes, Illinois originally enacted...more

Ballard Spahr LLP

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

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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

Sheppard Mullin Richter & Hampton LLP

Illinois ‘Swipe Fee’ Law Faces Continued Pushback as Court Partially Extends Injunction

On February 6, 2025, the U.S. District Court of the Northern District of Illinois declined to issue a preliminary injunction to stop an Illinois “swipe fee” law that would ban certain credit and debit card fees from applying...more

Moore & Van Allen PLLC

Developments in National Bank Act (NBA) Preemption: Illinois’ Interchange Fee Prohibition Act is Held Preempted by the NBA; Ninth...

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For followers of developments related to National Bank Act (NBA) preemption and the United States Supreme Court’s related decision in Cantero v. Bank of America, N.A., 602 U.S. 205 (2024), the waning days of 2024 proved...more

Arnall Golden Gregory LLP

Illinois Interchange Fee Prohibition Act: The Bill and the Backlash

On May 29, 2024, Illinois rocked the payments world by passing the Interchange Fee Prohibition Act (“IFPA”) into law. With an effective date of July 1, 2025, the law would upend the way in which interchange is calculated in...more

Sheppard Mullin Richter & Hampton LLP

CFPB Wins Big Reversal in Illinois Redlining Lawsuit

On July 11, the Seventh Circuit Court of Appeals reversed a lower court’s decision dismissing a CFPB action against an Illinois-based mortgage lender and its owner for violations of the Equal Credit Opportunity Act....more

Troutman Pepper Locke

Illinois Passes Legislation to Ban Reporting of Medical Debt

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On May 16, the Illinois legislature passed Senate Bill (SB) 2933. The bill amends the Illinois Consumer Fraud and Deceptive Business Practices Act making it unlawful for a consumer reporting agency (CRA) to create a consumer...more

Troutman Pepper Locke

Illinois Introduces Third-Party Dental Financing Bill

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On February 6, a bill was introduced to the Illinois House of Representatives seeking to amend the Illinois Dental Practices Act to add provisions related to third-party financing for dental services....more

Troutman Pepper Locke

Illinois Federal District Court Grants Summary Judgment Holding Use of a Local Area Code by a Non-Local Debt Collector Does Not...

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In Brown v. MRS BPO, LLC, the Northern District of Illinois, acting on its own motion, granted summary judgment in favor of the defense on claims asserting violations of the Fair Debt Collections Practices Act (FDCPA)....more

McGlinchey Stafford

The Small Business Truth in Lending Act

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On February 10, 2023, Illinois State Senator Laura Ellman introduced SB2234, also referred to as the “Small Business Truth in Lending Act” (Act), in the Illinois House of Representatives. The purpose of the Act is to protect...more

Katten Muchin Rosenman LLP

BIPA: What Recent Court Decisions Mean for the Financial Industry

Class action plaintiffs' firms — spurred on by a significant recent expansion of available damages for biometric privacy suits — have begun targeting the financial industry. The Illinois Biometric Information Privacy Act...more

Orrick, Herrington & Sutcliffe LLP

Illinois announces new consumer protections for digital assets, proposes new money transmitter licensing provisions

On February 21, the Illinois Department of Financial and Professional Regulation (IDFPR) announced several legislative initiatives to establish consumer protections for cryptocurrencies and other digital assets and provide...more

Fisher Phillips

New Illinois Restrictive Covenant Law Ushers in New Day for Financial Services Employers

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Illinois recently joined a growing number of states by enacting tighter restrictions on the enforceability of workplace restrictive covenants – and financial services firms both in and out of Illinois need to start facing a...more

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