Issue Description 

The Credit Card Competition Act (CCCA) seeks to increase competition in the credit card processing marketplace by addressing the dominance of Visa and Mastercard in the U.S. credit card network industry. The legislation would require large financial institutions with more than $100 billion in assets to enable at least two unaffiliated payment networks on their credit cards, including at least one network outside of Visa and Mastercard. This would provide merchants with greater flexibility in selecting how credit card transactions are processed and encourage competition among payment networks. By creating additional payment processing options, the legislation aims to reduce interchange fees, commonly referred to as credit card swipe fees, which represent a significant operating expense for businesses across the country. ABMA supports policies that promote a more competitive payment processing environment, reduce unnecessary transaction costs, and provide meaningful financial relief to American businesses. 

Impact on the Building Materials Industry and ABMA Members 

Building materials manufacturers, distributors, wholesalers, and retailers process significant volumes of credit card transactions, making interchange fees a recurring and substantial business expense. Reducing these fees would help lower operating costs, improve profit margins, and allow ABMA members to reinvest savings into their businesses, employees, inventory, and customer service.