Bill > HR8874

This bill, the Credit Card Competition Act of 2022, aims to amend the Electronic Fund Transfer Act to require the Federal Reserve Board to prescribe regulations related to network competition in credit card transactions. The key provisions are: 1. The bill prohibits credit card issuers and payment card networks from restricting the number of payment networks that can process electronic credit transactions to one or networks affiliated with the issuer. Instead, it requires at least two unaffiliated payment networks be available. 2. The bill prohibits payment card networks from inhibiting merchants' ability to choose which payment network to route transactions through, or from imposing penalties on merchants for choosing certain networks. 3. The bill exempts "3-party payment system model" credit cards (where the issuer is the payment network) from these requirements. 4. The bill also requires the Federal Reserve to establish a public list of payment networks that pose national security risks or are owned/operated by foreign state entities.

Business and Industry

https://www.congress.gov/bill/117th-congress/house-bill/8874/all-info