U.S. Senator Dick Durbin has shown his support for the Illinois Interchange Fee Prohibition Act (IFPA) by filing an amicus brief on October 7, 2024. The IFPA, which was signed into law on June 7, 2024, prohibits interchange fees on the tax and tip portions of card transactions. This legislation aims to align with the intent of the Durbin Amendment, which seeks to reduce excessive debit interchange fees. However, the Illinois Bankers Association and other entities filed a lawsuit against the IFPA in August 2024, arguing that it violates federal law. In response, Durbin contends that the IFPA is a necessary measure to protect consumers from high fees. Randy Hultgren, President of the Illinois Bankers Association, expressed concerns that enforcing the IFPA could lead to chaos in payment systems and have negative economic consequences. [98692e76]