Bill > S3623

This bill, titled the "Credit Card Competition Act of 2026," amends the Electronic Fund Transfer Act to require the Board of Governors of the Federal Reserve System (referred to as "the Board") to create new regulations aimed at increasing competition in credit card transactions. Specifically, the Board must issue rules within one year of the bill's enactment that prevent card issuers and payment card networks from restricting credit card transactions to only one network, or to a limited number of affiliated networks. The regulations will generally allow transactions to be processed on at least two networks, with a provision for the Board to identify the two networks with the largest market share in the U.S. for credit cards. Furthermore, the Board will establish a public list of payment card networks that pose a national security risk or are owned by foreign state entities, and these networks may be excluded from processing options. The bill also prohibits restrictions on merchants' ability to choose which network processes their credit card transactions and prevents penalties for merchants who don't meet specific transaction volume targets for a particular network. These regulations will not apply to credit cards issued under a "3-party payment system model," which involves a card issuer that is also the payment card network or is commonly owned with it. The Board will also be required to periodically review and update the list of networks posing national security risks.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/3623/all-info