Secure Payments Act of 2024

The Secure Payments Act of 2024 requires the Federal Reserve to study the impacts of the proposed "Reg II" rule (which would cap debit card interchange fees) on consumers, merchants, and small banks. Specifically, it mandates a study of how fee changes affect access to low-cost bank accounts, merchant costs, fraud mitigation, and the affordability of banking products in underserved communities. The Fed must also conduct a quantitative analysis of the rule's effects on small banks' capital and earnings. The Federal Reserve cannot finalize the Reg II rule until after it completes this study, issues a report to Congress, and considers the findings - including whether fee caps benefit low- and moderate-income customers. This bill delays the final rule to ensure the impacts are fully assessed before implementation.