Secure Payments 2024: Mandating study on debit card fee changes impact.
This Act requires the Federal Reserve Board to conduct a detailed study on the impacts of the proposed changes to debit card interchange fees (Reg II) on consumers, including access to free bank accounts. The analysis must also assess how these changes will affect merchant costs and banks' fraud mitigation efforts. The Federal Reserve cannot finalize the new rules until the report is issued and its findings, especially concerning low- and moderate-income customers, are considered.
Key points
New rules halted: The Federal Reserve cannot implement changes to debit card fees until a full impact analysis is completed and considered.
Consumer protection focus: The study must investigate whether the new fees will lead banks to charge higher account fees or limit access to low- or no-fee accounts for lower-income individuals.
Impact on small banks and merchants: The analysis will assess how the proposed changes affect small financial institutions and the costs for merchants accepting debit cards.
Expired
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