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ICBA supports legislation directing the Federal Reserve to stop and study its proposed changes to Regulation II before finalizing the rule.
Introduced by Sen. Ted Budd (R-N.C.), the Secure Payments Act of 2024 would require the Fed’s analysis to measure the impact of the rule on consumers, including access to affordable debit accounts, and determine the primary beneficiary of the interchange cap. Rep. Blaine Luetkemeyer (R-Mo.) introduced the House version of the bill—H.R. 7531—in March.