Pub. 21 2024 Issue 3

amount of interchange fees for debit card transactions and does not carve out taxes and gratuities. This law, a gift to corporate mega-retailers as part of a last-minute budget deal, is the first of its kind to pass in the nation. We can’t let it stand and run the risk of other states following, which is why ABA is fighting back. Together with the Illinois Bankers Association, America’s Credit Unions and the Illinois Credit Union League, we filed a lawsuit challenging the law, and we are seeking a preliminary injunction pausing implementation until the court can rule on the merits of our case. With top outside lawyers assisting us, we have confidence we will prevail in this case, sending a strong message to other states looking to follow Illinois’ lead. We’ve seen a different kind of challenge to the dual banking system in other states. Florida and Tennessee have put in place their own safety and soundness tests, encroaching on the OCC’s federal oversight of national banks. Like ABA, the OCC has taken notice. We’ve been encouraged by comments from Acting Comptroller Michael Hsu, noting that his agency will continue to defend the dual banking system. The acting comptroller pointed out in recent remarks that “increasingly, banks are being asked by states to pick a side in service of performative politics rather than deliberative policy.” This simply shouldn’t be the case, and we will continue to urge the OCC to exercise its authority when states cross the line. Our dual banking system has served Americans well for decades. ABA will continue to push back against efforts to undermine that system, and we’ll keep pressure on regulators to do the same. Email Rob at nichols@aba.com. YOUR FAMILY COMES FIRST. HTRUST.COM ∙ 575.758.7700 ∙ NEW MEXICO Offices in Taos, Santa Fe & Albuquerque We are a state-chartered, locally-owned, independent trust company, devoted to families & their advisors. 9

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