Secure Payments Act of 2024

This bill requires the Federal Reserve Board to study the impacts of a proposed rule on debit card interchange fees and routing before finalizing it. The bill defines the 'Reg II proposed rule' as the notice of proposed rulemaking titled 'Debit Card Interchange Fees and Routing' published on November 14, 2023. Sec. 3, Study and quantitative impact analysis: The Federal Reserve Board must conduct a study of the Reg II proposed rule's impacts on consumers (including access to free or low-cost deposit accounts), merchant costs for accepting debit cards, and financial institutions' fraud mitigation efforts. It must also study the cumulative impacts of all federal agency proposed rules from January 1, 2023, to the bill's enactment that affect deposit accounts. Additionally, the Board must perform a quantitative impact analysis of the rule's potential effects on consumers (including affordability of debit products and availability of low-fee banking for low- and moderate-income communities) and on small insured depository institutions. The Board must submit a report of all findings to Congress. The Board may not finalize the Reg II proposed rule until the report is issued, the results are considered, and the Board accounts for the rule's effect on depository institutions' capital and earnings and determines whether interchange fee caps provide net benefits to low- and moderate-income communities.