Secure Payments Act of 2024

The Board of Governors of the Federal Reserve System shall conduct the following:

(1) A study of—

(A) the impacts of the Reg II proposed rule on—

(i) consumers, including access to free or low- and no-cost deposit accounts;

(ii) merchants’ costs of accepting debit cards; and

(iii) financial institutions’ efforts to mitigate fraud; and

(B) the cumulative impacts of all proposed rules of Federal agencies issued between January 1, 2023, and the date of enactment of this Act that affect deposit accounts.

(2) A quantitative impact analysis of the Reg II proposed rule to study—

(A) the potential impact of the rule on consumers, including the affordability of debit products and availability of low or no fee banking products serving low- and moderate-income communities; and

(B) the impact of the changes made by the rule on small insured depository institutions.

The Board of Governors of the Federal Reserve System shall issue a report to the Congress containing all findings and determinations made in carrying out the study and the quantitative impact analysis required under subsection (a).

The Board of Governors may not finalize the Reg II proposed rule until after the issuance of the report required under subsection (b) and only after—

(1) considering the results contained in such report; and

(2) taking into account—

(A) the effect of the Reg II proposed rule on the capital and earnings of depository institutions; and

(B) whether the Board of Governors can determine that interchange fee caps provide net benefits to low- and moderate-income and underserved customers.

The term Reg II proposed rule means the proposed rule titled Debit Card Interchange Fees and Routing (88 Fed. Reg. 78100; published November 14, 2023).