OCC seeks to halt Illinois card interchange fee law
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
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
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.
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 25, 2024
“Illinois has made a hasty decision that, if implemented, would have government change our payments system that functions so well that we barely notice it,” writes a trade group CEO.
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.
Payments Dive
JANUARY 12, 2024
Several tech companies have been hit with lawsuits under Illinois' Biometric Information Privacy Act in recent years.
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.
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.
CFPB Monitor
MARCH 25, 2021
On March 23 , 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 Secretary of Financial and Professional Regulation to adopt rules “consistent with [the] Act.”.
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
NOVEMBER 18, 2024
In the wake of Illinois being sued over its landmark law exempting state taxes from the calculation of card interchange fees, other states are making little progress with the idea.
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.
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
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."
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.
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.
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.
PYMNTS
APRIL 29, 2020
The disasters the SBA has had to deal with in the past pale in comparison to what they have to deal with now,” Jonathan Bean, a Southern Illinois University economic historian, told the news outlet. The SBA is a shoestring agency with several thousand employees.
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.
ABA Community Banking
NOVEMBER 26, 2024
Old National Bancorp in Evansville, Illinois, has agreed to buy Bremer Financial in St. The post Old National in Illinois to buy Bremer Financial appeared first on ABA Banking Journal. Paul, Minnesota.
PYMNTS
OCTOBER 8, 2020
26 were in Maryland (3,619), Illinois (3,414) where layoffs in retail and healthcare fueled the number of applications, New Jersey (2,504), Michigan (2,358) and Massachusetts (1,886), while the largest decreases were in Texas (7,075), Florida (6,655), Georgia (5,895), New York (5,112) and Oregon (2,317). That contrasts with 1.4
PYMNTS
OCTOBER 19, 2020
Everyone is also watching a $650 million lawsuit filed by Illinois residents against social media giant Facebook. Canada’s governing Liberal party renewed calls to legislate big tech platforms to pay media producers a cut of ad dollars. A settlement lets residents with Facebook accounts claim payouts potentially ranging from $200 to $400.
PYMNTS
FEBRUARY 1, 2021
The company pointed to Northwell Health in Illinois, the University of Massachusetts Amherst and Gavi , the Vaccine Alliance. In the release, Salesforce said international, federal, state and local agencies, healthcare providers and nonprofits are now using its technology specifically for vaccine administration.
PYMNTS
MAY 22, 2020
Jimmy Buffett and The Coral Reefer Band said they were not able to reschedule dates for their concerts at Chicago, Illinois’ United Center; Oklahoma City, Oklahoma’s Chesapeake Energy Arena; and Mountain View, California’s Shoreline Amphitheatre.
PYMNTS
OCTOBER 29, 2018
In Illinois, and a handful of other states, changes in how employees are reimbursed for business-related expenses herald changes on a broader scale, and in how firms use technology to make sure that expenses are being recorded accurately. Miles To Go For Mileage Reimbursement.
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
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.
PYMNTS
NOVEMBER 26, 2018
The Illinois Supreme Court is set to hear arguments that will help it determine when consumers can take action under the Biometric Information Privacy Act. The precise harm the Illinois legislature sought to prevent is then realized.”. Alphabet Inc.’s s Google is dealing with similar claims in federal court in Chicago.
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.
PYMNTS
DECEMBER 18, 2020
ShopRunner, which is based in Illinois, links millions of consumers to more than 100 well-known brands, offering a smooth shopping experience throughout merchants. The earnings report comes shortly after FedEx took a significant step in bolstering its eCommerce capabilities by unveiling a deal to buy ShopRunner for an undisclosed price.
Bank Innovation
MARCH 22, 2016
The new auto loan product will initially launch in California, and is expected to be live in Illinois and Georgia by early in the second quarter, with a national rollout expected by the third quarter, according to Avant. Online marketplace lender Avant Inc. will now offer direct-to-consumer auto refinance loans, the company announced today.
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.
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).
ABA Community Banking
OCTOBER 30, 2024
Griggsville Bancshares in Illinois to buy Scott Morgan Bancorp; First Carolina Bank in North Carolina to purchase BM Technologies. The post Bank acquisition announced in Illinois, North Carolina bank to acquire fintech appeared first on ABA Banking Journal.
PYMNTS
SEPTEMBER 24, 2020
12 were in Indiana (1,990); Kansas (1,928); Illinois (1,906), where state officials reported an increase in layoffs in the construction and wholesale trades; and Michigan (1,727). -based economic research consultancy, said in a note on Wednesday (Sept 23), according to Yahoo! Finance , hours before the latest DOL data was released.
PYMNTS
AUGUST 14, 2020
Initially, the loans are available in the following states via the waitlist: Alaska, Arkansas, Connecticut, Florida, Georgia, Illinois, Massachusetts, New Hampshire, New Jersey, North Carolina, Oregon, Texas, Virginia, Nebraska, Utah, Wisconsin and Wyoming.
PYMNTS
FEBRUARY 14, 2020
Facilities in Ohio, Minnesota, Virginia and Illinois will close in April, and about 280 people will be let go. The move shows that while Amazon offers opportunities to smaller companies, it will not hesitate to cut them off if its standards aren’t met. About 120 workers will lose their jobs at a location in Michigan.
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.
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. .
PYMNTS
MAY 22, 2020
Arkansas, Colorado, Illinois and Ohio have warned tens of thousands of residents who have applied online for unemployment benefits due to COVID-19 of possible data breaches that could have exposed names, addresses and Social Security numbers.
PYMNTS
DECEMBER 16, 2020
1.3B : Amount the Illinois state government spent on check disbursements in 2019. Data: 256 : Number of supercenters and grocery locations across MI, IN, KY, OH, IL and WI run by Meijer. 69.8% : Share of accounting payable professionals who wanted to innovate AP to save time in 2019.
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.
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