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Banking Groups Sue To Thwart New Ill. Swipe Fee Restrictions

By Jon Hill ( August 15, 2024, 2:33 PM EDT) -- The nation's largest bank trade association and other industry groups sued Thursday to block Illinois from implementing a new state law that prohibits financial intermediaries from charging so-called swipe fees on the sales tax and tip portions of payment card transactions, arguing it conflicts with federal law and risks broader "chaos."...

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