NCUA Joins OCC In Issuing Interchange Preemption Rule; Colorado Passes Interchange Bill

On May 19, 2026, the National Credit Union Administration (NCUA) submitted a rule to the Office of Management and Budget’s Office of Information and Regulatory Affairs asserting that federal law preempts the Illinois Interchange Fee Prohibition Act (IFPA), which bans the collection of interchange fees on taxes and tips and is set to become effective July 1, 2026. See our ALERT of Feb. 26, 2026. The Office of the Comptroller of the Currency (OCC) issued a similar interim final rule clarifying national banks’ power to charge non-interest charges and fees and interim final order on April 24th, confirming that federal law preempts the IFPA for national banks and federal thrifts. The OCC’s order is effective June 30, 2026.
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