Credit Card Competition Act of 2026

Bill Number: HR 7035|Origin Chamber: House|Status: Referred to the House Committee on Financial Services.|Policy Area: Finance and Financial Sector

TL;DR

What

Requires credit cards to support multiple unaffiliated processing networks.

Who

Mr. Gooden (R, TX), Ms. Lofgren (D, CA)

Status

Introduced in committee, no House vote yet

The bill, H.R. 7035, titled the "Credit Card Competition Act of 2026," was introduced by Representatives Gooden (Republican from Texas) and Lofgren (Democrat from California). It requires the Federal Reserve to mandate that large credit card issuers enable their cards to work with at least two payment networks that are not affiliated and are not solely the two largest dominant networks. This aims to increase competition in transaction processing. The bill explicitly states the Consumer Financial Protection Bureau will not enforce these new requirements. It is currently in the House Financial Services Committee, awaiting further action.

Cosponsors

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Where Is This Bill?

Introduced

Committee

House Vote

Senate

Law

Introduced Jan 13, 2026

This bill was introduced in the House of Representatives on January 13, 2026, and referred to the Committee on Financial Services. For it to become law, it would first need to pass in the House, then pass in the Senate, and finally be signed by the President.

If This Passes, You Might Notice

•Your credit card transactions might be processed by different networks.
•Businesses could have more options for processing credit card payments.
•The Federal Reserve would identify payment networks that pose national security risks.

If this bill passes, credit card issuers with over $100 billion in assets would be required to ensure their credit cards can be processed over at least two unaffiliated payment networks, distinct from the two largest networks. This means that when you use your credit card, the transaction could be routed through a wider variety of networks, potentially increasing competition. Businesses would gain more flexibility and choice in how they route transactions, which could lead to lower processing fees. The Federal Reserve would also be tasked with identifying and listing payment networks that pose national security risks, making them ineligible for processing transactions.

The Debate

Supporters Say

Supporters argue that requiring credit cards to support multiple processing networks will increase competition and potentially lower costs for businesses.

Critics Say