To delay the implementation of proposed or final rules issued under the authority of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the reasonable and proportional fees and rules for electronic debit transactions, and for other purposes.

Summary: Consumers Payment System Protection Act - Delays until one year after enactment of this Act any proposed or final rule issued under the authority of specified requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act governing interchange transaction (swipe) fees for electronic debit transactions (EDTs).

Requires the Board of Governors of the Federal Reserve System and specified federal banking agencies jointly to study and report to Congress on the effect of such requirements upon consumers, card issuers, merchants, and financial institutions.

Sets a deadline for the Board to make revisions to any proposed or final rule regarding such EDTs if at least two of the agencies contributing to such report determine that any one of the following is true: (1) either such requirements or the Board's proposed rule entitled "Debit Card Interchange Fees and Routing" does not encompass all costs and investments associated with debit card transactions; (2) consumers will be adversely affected by either the requirements or the proposed rule; or (3) the current exemption of small financial institutions (with less than $10 billion in assets) from such requirements, or as carried out by the proposed rule, is not effective in practice.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Consumers Payment System Protection 
Act''.

SEC. 2. DELAY IN THE APPLICATION OF RULES ISSUED UNDER THE AUTHORITY OF 
              SECTION 1075 OF THE DODD-FRANK WALL STREET REFORM AND 
              CONSUMER PROTECTION ACT.

    Subject to section 3(b)(2), any proposed or final rule issued under 
the authority of any provision under section 1075 of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (Public Law 111-203), or 
of amendments made by such section, shall take effect 1 year after the 
date of the enactment of this Act.

SEC. 3. STUDY AND REPORT.

    (a) Study.--
            (1) In general.--The Board of Governors of the Federal 
        Reserve System, the Chairperson of the Federal Deposit 
        Insurance Corporation, the Chairperson of the National Credit 
        Union Administration, and the Comptroller of the Currency shall 
        jointly conduct a study on the effect of section 1075 of the 
        Dodd-Frank Wall Street Reform and Consumer Protection Act 
        (Public Law 111-203), and amendments made by such section, on 
        consumers, card issuers, merchants, and financial institutions. 
        Such study shall survey card issuers, merchants, and financial 
        institutions representing a cross section of all market 
        participants regardless of whether such participants are exempt 
        from any rule issued under the authority of section 1075 of the 
        Dodd-Frank Wall Street Reform and Consumer Protection Act, or 
        of any amendment made by such section.
            (2) Considerations.--The study described in paragraph (1) 
        shall consider the following:
                    (A) The identity and categories of all costs and 
                investments associated with debit card transactions 
                (prior to the implementation of section 1075 of the 
                Dodd-Frank Wall Street Reform and Consumer Protection 
                Act) to consumers, card issuers, merchants, and 
                financial institutions, including the operation of the 
                payment system to support such transactions.
                    (B) The impact of the proposed rule issued by the 
                Board of Governors of the Federal Reserve System 
                entitled ``Debit Card Interchange Fees and Routing'' 
                (75 Fed. Reg. 81772 (Dec. 28, 2010)), if finalized, 
                including--
                            (i) the impact of reduced debit card 
                        interchange fees on consumers, including--
                                    (I) the cost to and consequences 
                                for consumers if such proposed rule 
                                were to become final;
                                    (II) the impact on consumer 
                                protection, including anti-fraud and 
                                customer identification efforts, and 
                                privacy protection; and
                                    (III) the impact on consumers, 
                                particularly low- and moderate-income 
                                consumers (including banked and 
                                unbanked consumers), and small 
                                businesses with respect to the 
                                provision of payment accounts and 
                                services;
                            (ii) the impact of reduced debit card 
                        interchange fees on debit card issuers, 
                        including--
                                    (I) whether such fees would provide 
                                recoupment of costs and investments by 
                                debit card issuers;
                                    (II) whether such fees would result 
                                in increased risks to debit card 
                                issuers, including the potential impact 
                                on the safety and soundness of such 
                                issuers; and
                                    (III) the impact of the exemption 
                                provided for smaller banks and credit 
                                unions, including whether potential 
                                merchant behavior would lead to 
                                discrimination against debit cards 
                                issued by credit unions and community 
                                banks, and whether the exemption would 
                                have an adverse impact on the deposit 
                                base of credit unions and community 
                                banks as well as the payment system;
                            (iii) the impact of the reduced debit card 
                        interchange fees on merchants, including such 
                        merchants ability to--
                                    (I) pass savings on to the 
                                consumer;
                                    (II) make new capital investments; 
                                and
                                    (III) cover the costs associated 
                                with fraud prevention;
                            (iv) the impact on consumers, debit card 
                        issuers, and merchants of the debit exclusivity 
                        and transaction routing provisions of section 
                        920(b) of the Electronic Fund Transfer Act and 
                        any proposed or final rules issued under such 
                        provisions, including--
                                    (I) the impact on the continued 
                                innovation and development of secure, 
                                efficient, and reliable electronic 
                                payment technologies; and
                                    (II) the impact of mandating a 
                                specific number of enabled networks on 
                                each debit card; and
                            (v) the impact on other entities that 
                        utilize debit card transactions, including the 
                        debit card programs of Federal and State 
                        entities.
                    (C) Subsections (a) and (c) of section 904 of the 
                Electronic Fund Transfer Act (15 U.S.C. 1693b(a), (c)).
    (b) Report.--
            (1) In general.--Not later than 8 months after the date of 
        the enactment of this Act, the Board of Governors of the 
        Federal Reserve System, the Chairperson of the Federal Deposit 
        Insurance Corporation, the Chairperson of the National Credit 
        Union Administration, and the Comptroller of the Currency shall 
        jointly submit to Congress a report that includes--
                    (A) an analysis of the results of the study 
                required under subsection (a);
                    (B) a determination of whether revisions need to be 
                made to any proposed or final rule described in section 
                2; and
                    (C) a determination of whether revisions need to be 
                made to any provision under section 1075 of the Dodd-
                Frank Wall Street Reform and Consumer Protection Act, 
                or any amendment made by such section.
            (2) Revisions to rules.--The Board of Governors of the 
        Federal Reserve System shall have 4 months after the submission 
        of the report submitted pursuant to paragraph (1) to make 
        revisions to any proposed or final rule described in section 2 
        if at least two of the Board of Governors of the Federal 
        Reserve System, the Chairperson of the Federal Deposit 
        Insurance Corporation, the Chairperson of the National Credit 
        Union Administration, and the Comptroller of the Currency 
        determine, in such report, that any one of the following are 
        true:
                    (A) Either of section 920 of the Electronic Fund 
                Transfer Act or the proposed rule issued by the Board 
                of Governors of the Federal Reserve System entitled 
                ``Debit Card Interchange Fees and Routing'' does not 
                encompass all costs and investments associated with 
                debit card transactions.
                    (B) Consumers will be adversely affected by either 
                such section or such proposed rule.
                    (C) The exemption of small financial institutions 
                (defined as financial institutions with less than 
                $10,000,000,000 in assets), as provided under section 
                920(a)(6) of the Electronic Fund Transfer Act, or as 
                carried out by the proposed rule, is not effective in 
                practice.
    (c) Definitions.--In this section, the terms ``consumer'', 
``financial institution'', and ``State'' have the same meanings given 
such terms in section 903 of the Electronic Fund Transfer Act (15 
U.S.C. 1693a).