Legislation Update: Help Strengthen Our Collective Voice
By: Steve Salzer, SVP, Head of Risk and General Counsel, VeleraSummary: The Illinois Interchange Fee Prohibition Act (IFPA) is a first-of-its-kind state law, prohibiting financial institutions from receiving interchange income on the sales tax and gratuity portions of credit and debit card transactions. In this blog, Steve Salzer, SVP, Head of Risk and General Counsel at Velera, breaks down the latest updates concerning the IFPA and how credit unions and all key system partners can join us to make our collective voice heard.
Steve Salzer: Steve Salzer has served as Senior Vice President, Head of Risk and General Counsel at Velera since January 2024. In this role, he oversees the company’s Enterprise Risk Management, Legal, and Regulatory Compliance & Privacy functions. Previously, Salzer served as Senior Vice President, Enterprise Risk Office and General Counsel after joining PSCU as Chief Strategic, Compliance and Legal Counsel in 2005. He has over 30 years of experience in enterprise risk, compliance, legal matters, mergers and acquisitions, P&L management, operations, finance, human resources, supplier development and sales. As an active member of the community, Salzer serves as a member of the Regulatory Advocacy Committee for the National Association of Credit Union Service Organizations (NACUSO), a member of the Board of Directors and Audit Committee for Junior Achievement of Tampa Bay, and a member of the Board of Directors of FFLA, a nonprofit associated with the Florida Bar. Salzer holds a bachelor’s degree in Economics and Political Science from Duke University and a Juris Doctor from the University of Chicago Law School.
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