Bill > HR3881

This bill, the Credit Card Competition Act of 2023, aims to amend the Electronic Fund Transfer Act to require the Federal Reserve Board to prescribe regulations relating to network competition in credit card transactions. The key provisions of the bill include: 1) Prohibiting credit card issuers and payment card networks from restricting the number of payment networks that can process electronic credit transactions, with certain exceptions; 2) Prohibiting payment card networks from imposing routing restrictions or security technology requirements that would limit a merchant's ability to choose which network to use; and 3) Requiring the Federal Reserve Board to establish a public list of payment card networks that pose a national security risk or are owned/operated by foreign entities.

Business and Industry

https://www.congress.gov/bill/118th-congress/house-bill/3881/all-info