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| STATEMENT: America's Credit Unions President Simpson responds to IFP Ruling |
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Following the decision by U.S. District Court Judge Kendall today on the Illinois Interchange Prohibition Act (IFPA) legal challenge, America’s Credit Unions President/CEO Scott Simpson released the following statement:
“This ruling was expected and stems from the OCC's recent action that applies to banks, not credit unions. While it does not change the current status of credit unions under the IFPA, we remain encouraged by ongoing efforts to address the law’s significant operational challenges.
We are awaiting the NCUA’s rulemaking on preemption and will continue working with our partners at the Illinois Credit Union League to ensure credit unions receive the same clarity and protections afforded to other financial institutions in the payments system.”- America’s Credit Unions’ President/CEO Scott Simpson
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