Secure Payments Act of 2024

The Board of Governors of the Federal Reserve System shall conduct—

(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) the costs to merchants of accepting debit cards; and

(iii) efforts of financial institutions 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; and

(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 submit to Congress a report that contains all findings and determinations made in carrying out the study and the quantitative impact analysis required under subsection (a).

The Board of Governors of the Federal Reserve System may not finalize the Reg II proposed rule until—

(1) the date on which the report required under subsection (b) is issued; and

(2) considering the results contained in the report required under subsection (b); and

(3) 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.