Ben Glickman

This opens up the possibility of other state legislation that could more significantly impede their ability to collect fees.

What the merchant trade groups will tell you is that the interchange fees that go to banks, they ended up being quite a significant expense.

One business owner I spoke to in Chicago told me that this law alone could save him up to $40,000 per year.

That's just from not having interchange fees collected on the taxes and tips.

Merchants feel that it would make a relatively meaningful difference for their business itself.

they feel that the law is, first of all, preempted by federal law.

They've argued notably that this would be extremely challenging to implement.

It would be technologically challenging for them to change the current back end of payments in order to allow a differentiation between tip and tax and people's actual bills.

They've also argued that smaller credit card issuers, that they essentially will be unable to foot the cost of complying with this law.

The bank trade groups and some individual banks have said that they would essentially be forced to curtail their credit card service in the state, either withdrawing or

or pulling back on certain services.

But the more important thing from a banking perspective is that this opens up the possibility of other state legislation that could more significantly impede their ability to collect fees.

So right now it is set to take effect, but there's still a pending court case that a judge could prevent it from taking effect.

It could also still be pushed back or repealed by the Illinois state legislature.

The bank trade groups have been quite clear that they're focused on preventing this from going into effect.

But at this point, we really don't know.

Thanks so much.