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May 14, 2026 Blog

OCC Preempts Illinois Interchange Fee Law

The OCC issued two interim final actions preempting the Illinois Interchange Fee Prohibition Act, causing the Seventh Circuit to vacate and remand related proceedings to the district court.
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The Book of Jargon Series – Word of the Day®

The Book of Jargon® is a series of practice area and industry-specific glossaries published by Latham & Watkins.

Ethane

a gaseous hydrocarbon chain consisting of two carbon atoms. Ethane is often a component of unrefined Natural Gas. Ethane is considered to be Dry Gas and is sometimes colloquially referred to as “C2.”

Word of the Day®

Somatic Cell

any Cell of the body other than reproductive Cells.

Word of the Day®

Pari Passu

If your Latin is a little rusty, this means “on equal footing” or equality of treatment, e.g., in a right of payment. In Startups, Pari Passu typically describes classes of Preferred Stock that have the same rights (as set forth in a company’s Charter).

Word of the Day®

Good Faith

acting honestly and fairly towards one’s counterparties. Similar to acting reasonably. Good Faith is also a critical component of a Director’s Duty of Loyalty.

Word of the Day®

Hydropower

power derived from the energy of falling or fast-flowing water.

Word of the Day®

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Close-up of credit cards.
May 14, 2026

OCC Preempts Illinois Interchange Fee Law

The OCC issued two interim final actions preempting the Illinois Interchange Fee Prohibition Act, causing the Seventh Circuit to vacate and remand related proceedings to the district court.