An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Electronic Fund Transfer Act

A federal law that protects consumers when they use electronic fund transfers, such as ATM transactions, debit card purchases, and automatic bill payments. This bill proposes an amendment to it.

Board of Governors of the Federal Reserve System (the Board)

The governing body of the Federal Reserve, the central bank of the United States. This bill would require them to create new rules for credit card transactions.

Covered Card Issuer

A bank or other entity that issues credit cards and, along with its affiliates, has total assets exceeding $100 billion. The new rules in this bill would apply primarily to these larger issuers.

Payment Card Network

The system or company (like Visa, Mastercard, or smaller networks) that processes credit card transactions between a merchant's bank and the cardholder's bank.

3-party payment system model

A credit card system where the entity issuing the card (the bank) is also the payment network, or is under common ownership with the network. Examples include American Express and Discover.

Electronic credit transaction

Any transaction where a person uses a credit card, including online purchases where the physical card isn't present.