In an effort to protect consumers and financial institutions from what they see as a disruptive, unconstitutional law, several leading financial organizations filed a joint complaint in the U.S. District Court for the Northern District of Illinois against the Illinois Interchange Fee Prohibition Act. Signed into law on June 7 of this year, the legislation prohibits banks, payment networks, and other entities from charging or receiving interchange fees on the portion of debit or credit card transactions that are attributable to tax or gratuity.
The main points of the complaint are highlighted in this issue's lead article, which also features perspectives of members of The Green Sheet Advisory Board on the potential impacts of the Illinois law. One thing is generally agreed: the outcome of the lawsuit could have far-reaching implications for how interchange fees are regulated in the United States and may set a precedent for future state-level legislation.
It is also generally agreed that money spent to have a payments attorney review a processing agreement is money well spent. And one expert contributor to this issue explains exactly how important this is for protecting your residuals. Other contributors delve into the crucial role cash still plays in our economy by offering advantages like resilience, accessibility and security that digital methods can always provide; why in-app payments are the new normal, whether it's ordering food from an app or paying with a smartwatch at a self-checkout; and open banking's upcoming shift in the United States, thanks to a new regulation that will require financial institutions to share customer data upon request.
In addition to profiles and updates on recent industry milestones, we've highlighted several recent news stories posted on www.greensheet.com. These include coverage of Visa's successful prevention of 80 million fraudulent transactions valued at $40 billion globally in the past year; the CFPB's accusations against payment processors for charging high transaction fees on parents who pre-fund their children's school lunches; a recent study by Discover Financial Services’ PULSE debit network that shows a significant increase in the use of debit cards among Americans; Senator Richard Blumenthal's urging the CFPB to investigate Zelle and the dispute resolution practices of Early Warning Services, which operates Zelle.
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