This bill would prohibit financial institutions and payment processors from using special merchant category codes that separately identify firearm or ammunition retailers. Currently, Visa, Mastercard, and other payment networks have implemented or considered creating distinct category codes for gun and ammunition merchants, which some use to monitor suspicious purchasing patterns or flag transactions for additional scrutiny. The legislation would ban this practice for all covered entities involved in credit card transactions, including banks, payment networks, and credit card issuers. The bill does not include specific funding or implementation timelines. It was introduced in April 2023 and referred to the House Committee on Financial Services, where it would need to advance before becoming law.
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