The Secure Payments Act of 2024 requires the Federal Reserve to conduct a comprehensive study before finalizing a proposed rule that would regulate debit card interchange fees and routing. The study must examine how the proposed rule would affect consumers' access to affordable banking products, the costs merchants face when accepting debit cards, and fraud prevention efforts by financial institutions, as well as analyze the cumulative impact of all banking-related federal rules issued since January 2023. The analysis must specifically evaluate impacts on low- and moderate-income communities and small banks. The Federal Reserve cannot finalize the proposed rule until it completes the study, submits findings to Congress, and confirms that any interchange fee caps would actually benefit low- and moderate-income consumers while considering effects on banks' financial health. The bill sets no specific deadline for the study's completion but effectively delays the rule's implementation pending these requirements.
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