,,ii #aai? ,,congress #b;d ,session ,s4 #cfbc ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,janu>y #ac1 #bjbf,mr4 ,m>%all 7= himself1 ,mr4 ,durb91 & ,mr4 ,wel*7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,electronic ,fund ,transf] ,act to require ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve sy/em to prescribe regulations relat+ to network competition 9 cr$it c>d transactions1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,cr$it ,c>d ,competition ,act ( #bjbf4 #b4 ,competition 9 cr$it c>d transactions 7a7 ,9 g5]al ,section #iba ( ! ,electronic ,fund ,transf] ,act 7#ae ,u4,s4,c4 #afico-#b7 is am5d$-- 7#a7 9 subsection 7b7-- 7,a7 by r$esignat+ p>agraphs 7#b71 7#c71 & 7#d7 z p>agraphs 7#c71 7#d71 & 7#e71 respectively2 & 7,b7 by ins]t+ aft] p>agraph 7#a7 ! foll[+3 7#b7 ,competition 9 cr$it c>d transactions 7,a7 ,no exclusive network 7i7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ! ,cr$it ,c>d ,competition ,act ( #bjbf1 ! ,bo>d %all prescribe regulations provid+ t a cov]$ c>d issu] or paym5t c>d network %all n directly or ?r\gh any ag5t1 processor1 or lic5s$ memb] ( a paym5t c>d network1 by contract1 requirem5t1 condition1 p5alty1 te*nological specification1 or o!rwise1 re/rict1 on any cr$it c>d issu$ by a cov]$ c>d issu]1 ! numb] ( paym5t c>d networks on :i* an electronic cr$it transaction may be process$ to-- 7,i7 #a su* network2 7,,ii7 #b or m su* networks1 if-- 7aa7 ea* su* network is own$1 controll$1 or o!rwise op]at$ by-- 7,,aa7 affiliat$ p]sons2 or 7,,bb7 networks affiliat$ ) su* issu]2 or 7bb7 any su* network is id5tifi$ on ! li/ e/abli%$ & updat$ "u subp>agraph 7,d72 or 7,,iii7 subject to clause 7ii71 ! #b su* networks t hold ! #b l>ge/ m>ket %>es ) respect to ! numb] ( cr$it c>ds issu$ 9 ! ,unit$ ,/ates by lic5s$ memb]s ( su* networks 7& enabl$ to be process$ ?r\gh su* networks71 z det]m9$ by ! ,bo>d on ! date on :i* ! ,bo>d prescribes ! regulations4 7ii7 ,det]m9ations by ,bo>d 7,i7 ,9 g5]al ,! ,bo>d1 n lat] ?an #c ye>s aft] ! date on :i* ! regulations prescrib$ "u clause 7i7 take effect1 & n less frequ5tly ?an once e #c ye>s !reaft]1 %all det]m9e :e!r ! #b networks id5tifi$ "u clause 7i77,,iii7 h *ang$1 z comp>$ ) ! mo/ rec5t su* det]m9ation by ! ,bo>d4 7,,ii7 ,effect ( det]m9ation ,if ! ,bo>d1 "u subclause 7,i71 det]m9es t ! #b networks describ$ 9 clause 7i77,,iii7 h *ang$ 7z comp>$ ) ! mo/ rec5t su* det]m9ation by ! ,bo>d71 clause 7i77,,iii7 %all no long] h any =ce or effect4 7,b7 ,no r\t+ re/rictions ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ! ,cr$it ,c>d ,competition ,act ( #bjbf1 ! ,bo>d %all prescribe regulations provid+ t a cov]$ c>d issu] or paym5t c>d network %all n-- 7i7 directly or ?r\gh any ag5t1 processor1 or lic5s$ memb] ( ! network1 by contract1 requirem5t1 condition1 p5alty1 or o!rwise-- 7,i7 inhibit ! ability ( any p]son :o accepts cr$it c>ds = paym5ts to direct ! r\t+ ( electronic cr$it transactions = process+ ov] any paym5t c>d network t-- 7aa7 may process su* transactions2 & 7bb7 is n on ! li/ e/abli%$ & updat$ by ! ,bo>d "u subp>agraph 7,d72 7,,ii7 require any p]son :o accepts cr$it c>ds = paym5ts to exclusively use1 = transactions associat$ ) a p>ticul> cr$it c>d1 an au!ntication1 tok5ization1 or o!r security te*nology t _c be us$ by all ( ! paym5t c>d networks t may process electronic cr$it transactions = t p>ticul> cr$it c>d2 or 7,,iii7 inhibit ! ability ( ano!r paym5t c>d network to h&le or process electronic cr$it transactions us+ an au!ntication1 tok5ization1 or o!r security te*nology = ! process+ ( ^? electronic cr$it transactions2 or 7ii7 impose any p5alty or disadvantage1 f9ancial or o!rwise1 on any p]son =-- 7,i7 *oos+ to direct ! r\t+ ( an electronic cr$it transaction ov] any paym5t c>d network on :i* ! electronic cr$it transaction may be process$2 or 7,,ii7 fail+ to ensure t a c]ta9 numb]1 or aggregate doll> am\nt1 ( electronic cr$it transactions are h&l$ by a p>ticul> paym5t c>d network4 7,c7 ,applicability ,! regulations prescrib$ "u subp>agraphs 7,a7 & 7,b7 %all n apply to a cr$it c>d issu$ 9 a #c-p>ty paym5t sy/em model4 7,d7 ,designation ( national security risks 7i7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ! ,cr$it ,c>d ,competition ,act ( #bjbf1 ! ,bo>d1 9 consultation ) ! ,secret>y ( ! ,treasury1 %all prescribe regulations to e/abli% a public li/ ( any paym5t c>d network-- 7,i7 ! process+ ( electronic cr$it transactions by :i* is det]m9$ by ! ,bo>d to pose a risk to ! national security ( ! ,unit$ ,/ates2 or 7,,ii7 t is own$1 op]at$1 or sponsor$ by a =eign /ate entity4 7ii7 ,updat+ ( li/ ,n less frequ5tly ?an once e #b ye>s aft] ! date on :i* ! ,bo>d e/abli%es ! public li/ requir$ "u clause 7i71 ! ,bo>d1 9 consultation ) ! ,secret>y ( ! ,treasury1 %all update t li/4 7,e7 ,def9itions ,9 ?is p>agraph-- 7i7 ! t]ms c>d issu] & cr$itor h ! mean+s giv5 ! t]ms 9 section #ajc ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjb72 7ii7 ! t]m cov]$ c>d issu] means a c>d issu] t1 toge!r ) ! affiliates ( ! c>d issu]1 has assets ( m ?an #ajj1jjj1jjj1jjj2 7iii7 ! t]m cr$it c>d issu$ 9 a #c-p>ty paym5t sy/em model means a cr$it c>d issu$ by a c>d issu] t is-- 7,i7 ! paym5t c>d network ) respect to ! cr$it c>d2 or 7,,ii7 "u common own]%ip ) ! paym5t c>d network ) respect to ! cr$it c>d2 7iv7 ! t]m electronic cr$it transaction-- 7,i7 means a transaction 9 :i* a p]son uses a cr$it c>d2 & 7,,ii7 includes a transaction 9 :i* a p]son does n physically pres5t a cr$it c>d = paym5t1 includ+ a transaction involv+ ! entry ( cr$it c>d in=mation onto1 or use ( cr$it c>d in=mation 9 conjunction )1 a website int]face or a mobile telephone application2 & 7v7 ! t]m lic5s$ memb] includes1 ) respect to a paym5t c>d network-- 7,i7 a cr$itor or c>d issu] t is au?oriz$ to issue cr$it c>ds be>+ any logo ( ! paym5t c>d network2 & 7,,ii7 any p]son1 includ+ any f9ancial in/itution & any p]son t may be ref]r$ to z an acquir]1 t is au?oriz$ to-- 7aa7 scre5 & accept any p]son into any program "u :i* t p]son may accept1 = paym5t = goods or s]vices1 a cr$it c>d be>+ any logo ( ! paym5t c>d network2 7bb7 process transactions on behalf ( any p]son :o accepts cr$it c>ds = paym5ts2 & 7cc7 complete f9ancial settlem5t ( any transaction on behalf ( a p]son :o accepts cr$it c>ds = paym5ts4 2 & 7#b7 9 subsection 7d77#a71 by ins]t+ 1 except t ! ,bureau %all n h au?ority to en=ce ! requirem5ts ( ?is section or any regulations prescrib$ by ! ,bo>d "u ?is section aft] section #iah4 7b7 ,effective date ,ea* set ( regulations prescrib$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em "u p>agraph 7#b7 ( section #iba7;b7 ( ! ,electronic ,fund ,transf] ,act 7#ae ,u4,s4,c4 #afico-#b7;b771 z am5d$ by subsection 7a7 ( ?is section1 %all take effect on ! date t is #ahj days aft] ! date on :i* ! ,bo>d prescribes ! f9al v]sion ( t set ( regulations4