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5 Things to Watch in Courts and on Capitol Hill that Will Impact Payments in 2024
December’s on the way out.
Congress is quiet, on recess until the beginning of next year. The Supreme Court’s not hearing arguments at the moment. The regulators are wrapping up as vacations loom.
And so, 2023 draws to a close as key themes of competition, data access, artificial intelligence (AI) and the reach of regulators are all likely be to be revisited in various marbled hallways in the nation’s capital in 2024. And that’s just the tip of the iceberg.
Credit Card Competition Act
The CCCA, which was reintroduced by Sens. Roger Marshall and Dick Durbin in June, has the potential to impact the “swipe fees” that are levied on merchants when consumers use their cards to pay. The legislation would also require card-issuing banks with at least $100 billion in assets to offer at least two payments networks to merchants.