Summary
- Illinois has delayed implementation of the Illinois Interchange Fee Prohibition Act (IFPA) by one year, moving the effective date from July 1, 2026, to July 1, 2027.
- The IFPA seeks to prohibit certain financial institutions from charging interchange (“swipe”) fees on the tax and tip portions of credit and debit card transactions.
- The postponement provides additional time for banks, payment processors, merchants, and regulators to prepare for compliance with the law’s operational requirements.
Source Deloitte
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