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 quan-
titative impact analysis of such rule, and to consider the results of 
such study and analysis before finalizing such rule, and for other pur-
poses. 
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 re-
ferred 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. 
Be it enacted by the Senate and House of Representa-
tives 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’’. 
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SEC. 2. STUDY AND QUANTITATIVE IMPACT ANALYSIS RE-
LATED TO INTERCHANGE TRANSACTION FEE 
REQUIREMENTS. 
(a) IN GENERAL.—The Board of Governors of the 
Federal Reserve System shall conduct the following: 
(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) merchants’ costs of accepting 
debit cards; and 
(iii) financial institutions’ efforts to 
mitigate fraud; and 
(B) the cumulative impacts of all proposed 
rules of Federal agencies issued between Janu-
ary 1, 2023, and the date of enactment of this 
Act that affect deposit accounts. 
(2) A quantitative impact analysis of the Reg II 
proposed rule to study— 
(A) the potential impact of the rule on con-
sumers, including the affordability of debit 
products and availability of low or no fee bank-
ing products serving low- and moderate-income 
communities; and 
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(B) the impact of the changes made by the 
rule on small insured depository institutions. 
(b) REPORT.—The Board of Governors of the Fed-
eral Reserve System shall issue a report to the Congress 
containing all findings and determinations made in car-
rying out the study and the quantitative impact analysis 
required under subsection (a). 
(c) REQUIREMENT TO CONSIDER RESULTS OF RE-
PORT BEFORE FINALIZING REG II PROPOSED RULE.— 
The Board of Governors may not finalize the Reg II pro-
posed rule until after the issuance of the report required 
under subsection (b) and only after— 
(1) considering the results contained in such re-
port; and 
(2) taking into account— 
(A) the effect of the Reg II proposed rule 
on the capital and earnings of depository insti-
tutions; and 
(B) whether the Board of Governors can 
determine that interchange fee caps provide net 
benefits to low- and moderate-income and un-
derserved customers. 
(d) REG II PROPOSED RULE DEFINED.—The term 
‘‘Reg II proposed rule’’ means the proposed rule titled 
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‘‘Debit Card Interchange Fees and Routing’’ (88 Fed. 
Reg. 78100; published November 14, 2023). 
Æ 
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