June 4, 2026
Small business owners push to repeal BOI reporting and rising credit card swipe fees
What it means: Small business owners are attending NFIB’s annual Washington, D.C. Fly-In to meet with lawmakers on critical small business issues like repealing Beneficial Ownership Information reporting and credit card competition. Take action on these issues to amplify their voices with lawmakers.
Our take: Beneficial Ownership Information (BOI) reporting threatens the security and privacy of small business owners, while credit card swipe fees continue to saddle small businesses with outrageous costs. Congress must provide certainty and alleviate these issues to facilitate the growth and success for our nation’s small businesses.
NFIB’s annual Fly-In event highlights important issues facing NFIB members and small businesses nationwide. This year, members will connect with lawmakers to discuss the burdensome Beneficial Ownership Information (BOI) mandate and the Credit Card Competition Act. You can lend your support and amplify the messages from the meetings by alerting lawmakers of your concerns with your sensitive data and how monopolies in the credit card marketplace continue to drive up swipe fee costs for your business and consumers.
BOI
Last year, small businesses were required to file their personally identifiable data with the Financial Crimes Enforcement Network (FinCEN) under threat of significant civil and criminal penalties, including up to $10,000 in fines and two years in prison. While an exemption was made for U.S. small businesses, millions had already filed sensitive information, which has yet to be destroyed. NFIB members will urge Congress to permanently repeal this invasive mandate so it cannot be reintroduced in a future administration.
Take Action: Tell lawmakers to fully repeal this unconstitutional mandate and destroy sensitive data.
Credit Card Swipe Fees
Swipe fees have quickly become one of the top overhead costs for small business owners. With just two companies owning more than 80% of the market, credit card swipe fees have grown exponentially, forcing small businesses to either eat the cost or pass it on to consumers. NFIB members will connect with lawmakers about legislation to inject competition into the credit card marketplace, fighting these rapidly increasing fees.
Help support the efforts of NFIB members and small business owners nationwide by taking action on the key issues from this year’s Fly-In.
Take Action: Tell Congress how swipe fees impact your business!
NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.
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