Elder Fraud Prevention
While positive progress was made last session, concessions were made to pass a streamlined bill that only provides for the creation and use of a trusted list. This remains a priority for WBA during the 2025–26 session.
Interchange
WBA continues to monitor for credit card interchange fees, aka “swipe fee” legislation. The legislation, which was introduced two sessions ago, would have created operational and compliance problems for card issuers and merchant acquirers as well as jeopardizing valuable interchange income that banks use for card issuance, fraud prevention, data privacy, cybersecurity infrastructure, and more. Concerns have grown since the passing of interchange language in Illinois.
Privacy
Positive progress was made on data privacy legislation last session where financial institutions and their affiliates were exempt. WBA will continue to work with elected officials and other stakeholders on privacy issues.
Tax Parity
As more competitors leverage their tax-exempt status to gain a competitive advantage over banks, WBA will keep pursuing legislative solutions to level the playing field for the banking industry and its customers.
Merchant Category Codes (MCC)
While WBA was able to amend last session’s MCC bill that would have required the use of merchant category codes on the sale of firearms and was vetoed by Governor Tony Evers, we expect this issue will not go away. WBA will continue to neutralize any harmful legislation.
Environmental, Social, and Governance (ESG)
Financial institutions should be free to lend to, invest in, and generally do business with any entity or activity that is legal, without government interference. Likewise, financial institutions should not be compelled to do business with an entity, except in the case of fair lending or anti-discrimination requirements. Allowing financial institutions to make their own risk-based business decisions has helped foster the deepest and most resilient banking system in the world, and the government should not undermine it. The state procurement process should not be politicized but rather should focus on the best outcome for taxpayers. State legislation that prevents financial institutions from exercising their own risk-based evaluation of customer relationships impedes competition and could create significant safety and soundness concerns.
Trust Code
WBA will work on a legislative proposal with the State Bar advisory group on Domestic Asset Preservation Trust and other trust-related changes.
Artificial Intelligence (AI)
Artificial Intelligence is a hot topic among legislatures nationwide. WBA will work with legislators to minimize the impact of any AI legislation that would affect the industry.
