Credit Card Competition Act of 2026

S 3623, the Credit Card Competition Act of 2026, requires major credit card issuers (with over $100 billion in assets) to allow credit cards to process transactions through at least two payment networks, preventing exclusive agreements that limit consumer and merchant choice. It prohibits restrictions on how merchants route transactions between networks and bans requirements for security technologies exclusive to one network. The bill creates a public list of payment networks deemed a national security risk, updated every two years. This applies to most credit card processing but excludes credit cards issued under a "3-party payment system" model. The regulations take effect 180 days after final rulemaking.