The Credit Card Competition Act (CCCA) was not included in the final version of the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act, which was signed into law by President Donald Trump on July 18. The CCCA had been proposed as an amendment to the legislation but was ultimately left out during Senate negotiations.
The CCCA aimed to reduce credit card processing fees by requiring large banks to enable at least two unaffiliated networks on their cards. Retailers, including convenience store operators, have supported the measure to introduce competition into the credit card market and reduce costs tied to swipe fees.
The measure had been proposed as an amendment by Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill.
Industry advocates, including the National Association of Convenience Stores (NACS), pushed for the amendment and have called the current swipe fee structure a burden on merchants.
At more than $187 billion, credit and debit card interchange fees reached another new record last year, according to the Merchants Payments Coalition.
The bipartisan Credit Card Competition Act was introduced in 2022 and reintroduced in June 2023 as a way to provide merchants relief from swipe fees.
Some retailers, like Weigel’s and St. Romain Oil Co., have partnered with NACS and Rovertown to integrate swipe fee reform messaging into their mobile apps.
The GENIUS Act itself focuses on regulating stablecoins, a type of digital asset typically pegged to the U.S. dollar, and it does not address credit card processing or network competition.
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