Credit Card Competition Act of 2026
To amend the Electronic Fund Transfer Act to require the Board of Governors of the Federal Reserve system to prescribe regulations relating to network competition in credit card transactions, and for other purposes.
The Credit Card Competition Act of 2026 aims to change how credit card companies operate by making it easier for more companies to compete in the market. The bill proposes that the Federal Reserve should create rules to ensure more competition in credit card networks. This means that consumers could benefit from lower fees and better services as more companies compete to offer credit card services.
This bill would affect anyone who uses credit cards, including individuals, businesses, and retailers. If passed, it could lead to lower costs and better options for consumers, and potentially encourage innovation in the credit card industry.
HB7035 was introduced on January 13, 2026, and was referred to the House Committee on Financial Services the same day. Currently, it is in the early stages of the legislative process, and further actions will depend on the committee's review and recommendations.
