Divided Government, Unfinished Rails: Commercial and Enterprise Payments in the 120th Congress

Unlike retail payments, where the legislative agenda centers on affordability, transaction routing, and a fully funded Consumer Financial Protection Bureau (CFPB), lawmakers’ debates over commercial and enterprise payments are likely to focus on rules and oversight. One wild card remains: A fourth version of the Credit Card Competition Act (CCCA-IV) could resurface and extend its reach to virtual cards, an area where card networks are placing big bets. 

Four areas treasurers and B2B bankers should watch are stablecoin implementation and crypto market structure; interchange and routing spillover into commercial cards; fraud and scam liability; and the governance of AI agents that initiate payments.

Companies Mentioned: 

Mastercard, Visa