Navigation Federal Laws Also Preempt State’s Swipe Fee Law on Out-of-State Banks, Judge Rules
“The statute’s plain language clearly suggests that § 1831a(j)(1) is meant to ensure that out-of-state state banks can compete with nationally chartered banks. This means that because the court granted the preliminary injunction with respect to nationally chartered banks, forcing out-of-state state banks to comply with the IFPA would run afoul of § 1831a(j)(1),” said Chief U.S. District Judge Virginia M. Kendall for the Northern District of Illinois.
