118 HR 7531 IH: Secure Payments Act of 2024 U.S. House of Representatives 2024-03-05 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS2d SessionH. R. 7531IN THE HOUSE OF REPRESENTATIVESMarch 5, 2024Mr. 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 ServicesA BILLTo 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.

1.

Short title

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

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).