Naperville, IL (June 17, 2025) |
The Illinois Credit Union League (ICUL) is pleased to announce that Governor JB Pritzker has signed House Bill 742 into law, extending the effective date of the Interchange Fee Prohibition Act by one year to July 1, 2026. With the Governor’s signature, the bill is now officially enacted as Public Act 104-04.
On behalf of credit unions across Illinois, ICUL applauds Governor Pritzker for his swift action to provide much-needed relief to credit unions, local banks, Main Street businesses, and consumers who would otherwise face significant disruption under the original law.
“This extension is an important step toward protecting access, affordability, and operational stability for credit unions and the communities they serve,” said Libby Calderone, President and CEO of ICUL. “We appreciate the support of Governor Pritzker and the many credit union advocates who helped make this possible.”
We extend thanks to credit unions statewide for their advocacy—educating lawmakers and urging executive action. This united effort demonstrates the strength and impact of the credit union movement when it speaks with one voice.
ICUL continues to pursue legal relief from this ill-conceived law, alongside co-plaintiffs Americas Credit Unions, the American Bankers Association, and the Illinois Bankers Association. Following a motion for summary judgement filed by the plaintiffs and cross-motion filed by the Illinois Attorney General, we await the scheduling of oral arguments in the Northern District Federal Court of Illinois.
On behalf of the credit unions we represent, and over 4 million Illinois consumers they serve, ICUL will continue advocating for a full repeal of this flawed policy.