HR 3881
Credit Card Competition Act of 2023
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- Passed House
- Passed Senate
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- Became Law
Bill overview
The Credit Card Competition Act of 2023 aims to increase competition in the credit card industry by limiting a card issuer’s ability to restrict which payment networks can process transactions. It requires card issuers to allow electronic credit transactions to be processed on at least two networks and prohibits them from imposing restrictions on routing transactions or penalties for using alternative networks. The legislation also establishes a process for the Federal Reserve to identify and list payment card networks that pose a national security risk or are owned by foreign entities.
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Primary sponsor
Cosponsors
Bob Good
Gregorio Kilili Camacho [D-MP-At Large] Sablan
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