OCC Interim Rule on Interchange Fees: Retail Industry Comments

The Retail Industry Leaders Association (RILA), Merchant Advisory Group (MAG), and National Restaurant Association submitted a joint comment letter opposing the Office of the Comptroller of the Currency's Interim Final Rule regarding National Bank Non-Interest Charges and Fees. The organizations argue that the rule would allow national banks to rely on interchange fee rates established by payment card networks while expanding federal preemption beyond what is authorized under existing law.

The letter examines the relationship between the OCC rule and Illinois' Interchange Fee Prohibition Act (IFPA), emphasizing that interchange fees are set by payment card networks such as Visa and Mastercard rather than by banks themselves. The filing contends that the interim rule could enable anticompetitive conduct, increase costs for merchants, and undermine state consumer protection efforts designed to address excessive swipe fees.

The comment letter also raises concerns about the OCC's use of an interim final rule without first completing the standard notice-and-comment process required under the Administrative Procedure Act. Policymakers, retailers, payments professionals, and stakeholders tracking interchange fee policy can review the filing to better understand the retail industry's position on competition, consumer costs, and federal regulatory authority. Download the letter to explore the full legal and policy analysis