The Electronic Transactions Association (ETA), the leading trade association of the payments industry, applauds the leadership of the Office of the Comptroller of the Currency (OCC) in issuing interim final rules preempting the Interchange Fee Prohibition Act (IFPA).

The payments industry provides tremendous value, delivering fast, secure payments, while generating $354 billion in US GDP last year and supporting 2 million jobs in the U.S.

The IFPA would force all parties to the payments industry to disrupt this efficient global system.

"The OCC recognizes the value of the national/global payments industry to consumers, merchants - especially small merchants- and the U.S. economy," said Jodie Kelley, CEO of ETA.

Action by the OCC provides critical clarity, stability, and legal certainty for the U.S. payments system," said Jodie Kelley. "By confirming that the IFPA is preempted, the OCC has upheld the rule of law, preventing a patchwork of state-level requirements that would disrupt commerce nationwide." 

"This rule reinforces what courts, Congress, and regulators have recognized for generations," continued Kelley. "A fragmented, state-by-state approach to national payment activities would undermine efficiency, increase costs for consumers and businesses, and jeopardize the reliability of secure electronic payments."

The Electronic Transactions Association (ETA) is the world's leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies in the U.S. and around the world. ETA members make commerce possible by processing approximately $57 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.