The Credit Card Competition Act of 2026 would change the Electronic Fund Transfer Act. It would require the Federal Reserve Board to write rules about competition in credit card transactions. Within 1 year the Board must issue rules that generally stop covered card issuers and payment card networks from limiting a credit card to be processed on only one network. A "covered card issuer" is a card issuer with assets over $100,000,000,000. The rules would let a person who accepts credit cards direct the routing of electronic credit transactions to any payment card network that can process them, and would prohibit penalties for choosing one network over another. The rules would not apply to credit cards issued in a 3‑party payment system model. The Board must also, in consultation with the Treasury Secretary, make a public list of payment card networks that pose a national security risk or are owned or sponsored by a foreign state entity and update that list at least every 2 years. The Board must determine which two networks have the largest U.S. market shares and may reassess that every 3 years. Regulations would take effect 180 days after the Board issues final rules.
No publicly available information about costs or budgetary effects appears in the bill text or metadata. The bill sets timelines for rulemaking (Board rules within 1 year, regulations effective 180 days after final rules) but does not state federal spending amounts.
No publicly available information.
No publicly available information.