Credit Card Competition Act of 2023

This bill requires large credit card issuers (with over $100 billion in assets) to allow merchants to choose which payment networks process credit card transactions, ending restrictions that previously forced merchants to use only one network. It prohibits issuers from blocking merchants from routing transactions through competing networks or penalizing them for choosing non-exclusive processing options. The Federal Reserve must create rules within one year to implement these changes, ensuring merchants have more choice in payment processing. The law does not apply to credit cards issued in a "3-party payment system" model.