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Illinois Court Extends IFPA Preemption to Federal Credit Unions
Original: Illinois Court Extends Preemption of IFPA to Federal Credit Unions
An Illinois court has ruled that the Illinois Interest Act, also known as the IFPA, is preempted as applied to federal credit unions. The decision extends existing preemption protections, meaning federally chartered credit unions in Illinois are not subject to the state law's interest rate caps and penalties. Consumer finance lawyers are watching the ruling, which could affect lending practices and further litigation over state usury rules applying to federally insured institutions.
Why now: The ruling matters to consumer finance lawyers, lenders and credit unions navigating state versus federal interest rate rules.
Illinois courtsfederal credit unionsIllinois Interest Act (IFPA)
Evidence
- Illinois Court Extends Preemption of IFPA to Federal Credit Unions · Consumer Finance Monitor
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