A growing number of state governments are giving the banking industry hell over the credit card swipe fee policy. That’s just fine with advocates of the Credit Card Competition Act on Capitol Hill.
Last week, a federal court handed the banking sector a significant loss when it preserved a new Illinois law banning credit card companies from charging swipe fees on tax revenue and gratuity. Banks have argued the law is unworkable and costly, and the industry is expected to appeal last week’s decision.
