I 

118TH CONGRESS 

2D SESSION H. R. 7531 

To 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. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 5, 2024 

Mr. 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 Services 

A BILL 

To 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 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Secure Payments Act 

5 of 2024’’. 


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1 SEC. 2. STUDY AND QUANTITATIVE IMPACT ANALYSIS RE2 LATED TO INTERCHANGE TRANSACTION FEE 

3 REQUIREMENTS. 

4 (a) IN GENERAL.—The Board of Governors of the 

5 Federal Reserve System shall conduct the following: 

6 (1) A study of— 

7 (A) the impacts of the Reg II proposed 

8 rule on— 

9 (i) consumers, including access to free 

10 or low- and no-cost deposit accounts; 

11 (ii) merchants’ costs of accepting 

12 debit cards; and 

13 (iii) financial institutions’ efforts to 

14 mitigate fraud; and 

15 (B) the cumulative impacts of all proposed 

16 rules of Federal agencies issued between Janu17 ary 1, 2023, and the date of enactment of this 

18 Act that affect deposit accounts. 

19 (2) A quantitative impact analysis of the Reg II 

20 proposed rule to study— 

21 (A) the potential impact of the rule on con22 sumers, including the affordability of debit 

23 products and availability of low or no fee bank24 ing products serving low- and moderate-income 

25 communities; and 


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1 (B) the impact of the changes made by the 

2 rule on small insured depository institutions. 

3 (b) REPORT.—The Board of Governors of the Fed4 eral Reserve System shall issue a report to the Congress 

5 containing all findings and determinations made in car6 rying out the study and the quantitative impact analysis 

7 required under subsection (a). 

8 (c) REQUIREMENT TO CONSIDER RESULTS OF RE9 PORT BEFORE FINALIZING REG II PROPOSED RULE.— 

10 The Board of Governors may not finalize the Reg II pro11 posed rule until after the issuance of the report required 

12 under subsection (b) and only after— 

13 (1) considering the results contained in such re14 port; and 

15 (2) taking into account— 

16 (A) the effect of the Reg II proposed rule 

17 on the capital and earnings of depository insti18 tutions; and 

19 (B) whether the Board of Governors can 

20 determine that interchange fee caps provide net 

21 benefits to low- and moderate-income and un22 derserved customers. 

23 (d) REG II PROPOSED RULE DEFINED.—The term 

24 ‘‘Reg II proposed rule’’ means the proposed rule titled 


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1 ‘‘Debit Card Interchange Fees and Routing’’ (88 Fed. 

2 Reg. 78100; published November 14, 2023). 

Æ 


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