H.R. 7531, called the “Secure Payments Act of 2024,” requires the Federal Reserve's Board of Governors to study the effects of its proposed Reg II rule on fees for debit card transactions. The Board must examine how this rule affects consumers, merchants, and financial...
Simple Explanation
H.R. 7531 is like a homework assignment for the Federal Reserve, asking them to study how changing rules about money cards might affect people, stores, and banks, and to share what they find before making any changes.