Secure Payments Act of 2024

The Secure Payments Act of 2024 requires the Federal Reserve to study the impacts of its proposed "Reg II" rule on debit card transaction fees. The study must examine effects on consumers (including access to low-cost bank accounts), merchants' costs, fraud mitigation, and small banks' finances. The Federal Reserve must complete this analysis and submit a report to Congress before finalizing the Reg II rule, ensuring the report informs the final decision. This bill directly affects consumers, merchants, and small financial institutions by delaying the rule's finalization until the study is complete.