Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications".
The summary
What this bill does
This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications and published on December 10, 2024. The rule defines larger participants in the general-use digital consumer payment application market (i.e., payment apps) that are subject to CFPB supervisory authority. The rule defines larger participants in this market as nonbanks (1) with an annual volume of at least 50 million transactions, and (2) that are not small business concerns.
Legislative timeline
From introduction
Feb 27, 2025
Introduced & referred to committee
Congressional support
Sponsors & Cosponsors
U.S. Representative - NE District 1 · R-NE
Roll-call vote
The vote, by member
The vote, by member
VERSION CHANGES
What changed,
and where.
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Bill Metadata
| Congress | 119 |
| Bill Type | HJRES |
| Bill Number | 64 |
| Origin Chamber | House |
| Current Status | Referred to the House Committee on Financial Services. |
| Policy Area | Finance and Financial Sector |
| Primary Committee | Not assigned |
| Introduced | February 27, 2025 |
| Latest Action | February 27, 2025 |
| Cosponsors | 7 · House vote — · — views |