[Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [S. 4570 Introduced in Senate (IS)] <DOC> 118th CONGRESS 2d Session S. 4570 To require the Board of Governors of the Federal Reserve System to study the impacts of the proposed rule on debit card interchange fees and routing, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES June 18, 2024 Mr. Budd (for himself, Mr. Hagerty, Mr. Daines, Mr. Tillis, and Mrs. Britt) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To require the Board of Governors of the Federal Reserve System to study the impacts of the proposed rule on debit card interchange fees and routing, 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. DEFINITION. In this Act, the term ``Reg II proposed rule'' means the notice of proposed rulemaking entitled ``Debit Card Interchange Fees and Routing'' (88 Fed. Reg. 78100 (November 14, 2023)). SEC. 3. 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-- (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. (b) Report.--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). (c) Requirement To Consider Results of Report Before Finalizing Reg II Proposed Rule.--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. <all>