Durbin jumps into Illinois interchange law fray
Payments Dive
OCTOBER 8, 2024
Dick Durbin threw his weight behind an Illinois law that would nix interchange fees on taxes and tips, supporting the edict in a court document filed Friday.
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Payments Dive
OCTOBER 8, 2024
Dick Durbin threw his weight behind an Illinois law that would nix interchange fees on taxes and tips, supporting the edict in a court document filed Friday.
Payments Dive
OCTOBER 3, 2024
The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.
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Payments Dive
JANUARY 12, 2024
Several tech companies have been hit with lawsuits under Illinois' Biometric Information Privacy Act in recent years.
Payments Dive
MARCH 27, 2024
The social media platform is now nearly halfway to securing the state licenses needed to fulfill owner Elon Musk’s vision of a nationwide payments app.
ABA Community Banking
OCTOBER 1, 2024
The post Bank acquisitions announced in Illinois, Pennsylvania appeared first on ABA Banking Journal. Byline Bancorp in Chicago to buy First Security Bancorp, Mifflinburg Bancorp in Pennsylvania to buy Northumberland Bancorp.
American Banker
AUGUST 15, 2024
The American Bankers Association and the Illinois Bankers Association, among other groups, are challenging an Illinois law barring swipe fees for taxes and tips should be preempted by federal law.
American Banker
JUNE 10, 2024
An interchange provision included in Illinois' budget bill could force banks and payment processors nationwide to revamp their payments infrastructure, lobbying groups for the industry say.
Payments Dive
FEBRUARY 2, 2024
at a location in the Chicago suburb of Aurora, Illinois. The retailer is working with artificial intelligence startup Grabango to offer the service for the first time in the U.S.
American Banker
OCTOBER 3, 2024
The OCC has filed a legal brief backing the banking industry's challenge to Illinois' Interchange Fee Prohibition Act, arguing the law would interfere with national banks' federal authority, fragment the national payment system and force banks to halt credit card usage in the state.
PYMNTS
OCTOBER 26, 2020
With COVID-19 cases rising in Illinois, operators of small- to medium-sized businesses (SMBs) in heavily populated areas face new shutdowns — measures likely to be all the more painful economically because of looming winter weather that will make options such as outdoor dining unattractive, The Wall Street Journal (WSJ) reported.
PYMNTS
JANUARY 7, 2019
Illinois’ Role. Many of those efforts are likely to center on Illinois, which has what is commonly regarded as the strictest law in the U.S. The Illinois Biometric Information Privacy Act , a state law enacted in 2008, gives users a “property interest” in the algorithms that establish their digital identities.
American Banker
MAY 29, 2024
The Illinois state legislature, as part of an agreement with retailers to raise state tax revenue, passed a budget bill that would bar the collection of interchange fees on sales taxes, excise taxes and tips for transactions that would be subject to Illinois sales taxes.
CFPB Monitor
JULY 15, 2020
The Illinois Department of Financial and Professional Regulation (IDFPR) published a notice of proposed rules implementing the Student Loan Servicing Act in the July 10, 2020 issue of the Illinois Register. Written comments will be accepted for 45 days.
CFPB Monitor
APRIL 6, 2021
The Illinois Department of Financial and Professional Regulation (DFPR) has issued Predatory Loan Prevention Act Frequently Asked Questions (PLPA). The bill containing the PLPA also amended the Illinois Consumer Installment Loan Act (CILA) and the Payday Loan Reform Act (PLRA) to apply this same 36% MAPR cap.).
PYMNTS
MARCH 17, 2017
One of the recent groups to add their name to the list is the Illinois Department of Financial and Professional Regulation. In its involvement, the Illinois regulator will be responsible for working with 80 financial institutions of R3’s membership to build out secure and scalable blockchain-based applications.
PYMNTS
MAY 19, 2016
Among the proposed methods, facial recognition has long been a pie-in-the-sky solution, but Illinois is the latest state to show that there’s a future in the tech. The Chicago Tribune is reporting that Illinois is set to add facial recognition services to its driver’s license application process. ”
PYMNTS
DECEMBER 3, 2019
Lumin Digital has signed a multi-year contract with the University of Illinois Community Credit Union (UICCU) that will have Lumin’s cloud-based platform serve as the credit union’s digital banking solution for retail banking and bill payment.
CFPB Monitor
JULY 27, 2022
Private education lenders doing business in Illinois now have access to official informational guides and templates for meeting the November 1, 2022, reporting requirements under the state’s new Know Before You Owe Private Education Loan Act (“KBYO”). . 1650(a)(7).
CFPB Monitor
FEBRUARY 16, 2023
Using data for the last quarter of 2020 and first three quarters of 2021, the study examined the effects of the 36% rate cap imposed by the Illinois Predatory Loan Prevention Act which became effective in March 2021. The study found that the cap significantly decreased the availability of small-dollar credit in Illinois. .
CFPB Monitor
JUNE 14, 2021
In March 2021, Illinois Governor Pritzker signed into law SB 1792 , which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”.
American Banker
OCTOBER 2, 2024
The state's ill-conceived law banning interchange fees on sales tax and gratuities will be burdensome and expensive to implement and could portend a patchwork of state-level copycat legislation that would balkanize the payments system.
PYMNTS
JANUARY 10, 2020
On another note, Illinois has become the most recent state to recognize blockchain-based records, including smart contracts, as legal, according to CoinDesk. Illinois’s Blockchain Technology Act went into effect on Jan. 1, and was sponsored by Representative Keith Wheeler.
PYMNTS
OCTOBER 26, 2016
At the state level, Illinois’ government has shown interest in delving into incorporating blockchain into how it does business. By signaling a willingness to explore these technologies, Illinois opens the door for partnering with the broad range of private-sector companies pioneering innovative solutions in this area.”. “By
American Banker
MAY 6, 2024
billion-asset Vibrant is working with the San Francisco-based distributed ledger development firm Metallicus through its Metal Blockchain Banking Innovation Program to examine use cases.
Accenture
NOVEMBER 14, 2021
Here in Chicago, Illinois, the days are getting shorter, and the temperatures are dropping. It feels like the end of the year is approaching at breakneck speed. Thanksgiving is not far off. All of which makes me think it’s a good time to take stock before we head into the holidays. I’ve covered a lot….
Payments Dive
APRIL 29, 2022
Riverwoods, Illinois-based Discover Financial Services on Thursday reported first-quarter card sales volume was 23% higher than the same period last year, but CFO John Greene said "it’s hard to envision year-over-year sales growth to continue in the upper 20s."
CFPB Monitor
OCTOBER 13, 2021
Originally filed in Illinois state court, the plaintiffs’ lawsuits were removed by the defendants to federal court. The decisions are at variance with recent New York federal court decisions. Both plaintiffs filed motions to remand their cases to state court based on their lack of Article III standing.
American Banker
OCTOBER 1, 2024
The Chicago-based bank said it would acquire First Security Bancorp in Elmwood Park. The transaction would push it close to $10 billion of assets.
American Banker
AUGUST 15, 2024
Kowalski was convicted for his role in embezzling tens of millions of dollars from Washington Federal Bank for Savings, which led to the bank's failure in 2017.
PYMNTS
AUGUST 16, 2016
15) that it has entered into an agreement with the University of Illinois at Chicago to open a package pickup location inside the student center on the UIC campus, Amazon said in a press release. Amazon announced on Monday (Aug.
CFPB Monitor
JANUARY 30, 2023
Over the past few years, numerous states have imposed interest rate caps on consumer credit. In recent blog posts, we discussed the efforts of both Michigan and New Mexico to impose a 36% annual interest rate cap. Last year, Congress took up the discussion of a national 36% annual interest rate cap. Continue Reading
ABA Community Banking
AUGUST 27, 2024
First Busey in Champaign, Illinois, has agreed to buy CrossFirst Bankshares in Leawood, Kansas. The deal is expected to close in the first half of 2025. The post First Busey to buy CrossFirst Bankshares appeared first on ABA Banking Journal.
PYMNTS
JANUARY 25, 2019
The Supreme Court in Illinois ruled on Friday (Jan. 25) that a teen can sue Six Flags amusement park over violation of an Illinois privacy law, in a case that could have repercussions for tech giants like Google and Facebook. Because the law is so strict, Illinois is rife with biometrics misuse lawsuits.
Image Works Direct
OCTOBER 17, 2024
Originally from Bloomington, Illinois, he spends as much time as he can going to hear live music; his other favorite pastimes include movies, video games and camping. Meet Austin Spaulding, who plays a dual role as image.works’ Social Media Specialist and one of our talented copywriters.
CFPB Monitor
SEPTEMBER 15, 2023
Alleging violations of the Illinois Biometric Information Privacy Act (BIPA), approximately 50,000 Samsung customers filed individual arbitration demands with the American Arbitration Association (AAA) pursuant to an arbitration clause in Samsung’s customer agreement.
American Banker
JUNE 5, 2023
The parent of the $1.1 billion-asset CBI Bank & Trust said it would buy McLaughlin Holding and its SENB Bank unit.
PYMNTS
DECEMBER 10, 2020
Pennsylvania-based North Lane manages client, staff and business payouts and disbursements throughout the Fortune 500, while Illinois-based daVinci Payments provides business funded payments.
CFPB Monitor
NOVEMBER 16, 2023
We previously blogged about an Illinois federal district court order requiring Samsung to pay about $4 million in arbitration fees in connection with 35,000 individual arbitration demands filed as part of a “mass arbitration.”
PYMNTS
NOVEMBER 13, 2020
DraftKings rolled out iGaming in West Virginia and mobile sports betting in Illinois in Q3. The company said it was able to effectively get new clients in Illinois and cross-sell from current offerings because of Illinois Governor J.B. Pritzker’s suspension of an “in-person registration requirement.”.
PYMNTS
MAY 12, 2020
Google and Amazon Web Services are assisting Rhode Island, Kansas, Illinois and New York in processing the unprecedented number of unemployment claims prompted by the coronavirus crisis, The Wall Street Journal (WSJ) reported. Help is on the way for beleaguered states facing a record number of jobless claims.
CFPB Monitor
NOVEMBER 6, 2023
On November 2, 2023, the Consumer Financial Protection Bureau issued a report on the community reinvestment laws of seven states (Connecticut, Illinois, Massachusetts, New York, Rhode Island, Washington, West Virginia), and the District of Columbia that evaluate the record of state-chartered financial institutions and other lenders in meeting the credit (..)
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