Secure Payments Act of 2024

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7531 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 7531

  To require the Board of Governors of the Federal Reserve System to 
 study the impacts of the Board's Reg II proposed rule, to complete a 
quantitative impact analysis of such rule, and to consider the results 
 of such study and analysis before finalizing such rule, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 5, 2024

 Mr. Luetkemeyer (for himself, Mr. Donalds, Mr. Williams of Texas, Mr. 
Fitzgerald, Mr. Sessions, Mr. Flood, Mr. Nunn of Iowa, Mr. Meuser, and 
  Mr. Posey) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To require the Board of Governors of the Federal Reserve System to 
 study the impacts of the Board's Reg II proposed rule, to complete a 
quantitative impact analysis of such rule, and to consider the results 
 of such study and analysis before finalizing such rule, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Secure Payments Act of 2024''.

SEC. 2. STUDY AND QUANTITATIVE IMPACT ANALYSIS RELATED TO INTERCHANGE 
              TRANSACTION FEE REQUIREMENTS.

    (a) In General.--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.
    (b) Report.--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).
    (c) Requirement To Consider Results of Report Before Finalizing Reg 
II Proposed Rule.--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.
    (d) Reg II Proposed Rule Defined.--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).
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