119th Congress · Senate

A joint resolution 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".

Subjects: Administrative law and regulatory procedures · Congressional oversight · Consumer Financial Protection Bureau · Consumer affairs · Internet, web applications, social media · Finance and Financial Sector

In plain language

Senate joint resolution in the 119th Congress.
Nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled Defining Larger Participants.
Senate passed it on Mar 5, 2025 (substantive).

Official summary (Congressional Research Service)

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.

View this measure on congress.gov

Roll-call votes on this measure

proceduralMar 4, 2025 · Senate · Motion to Proceed Agreed to
On the Motion to Proceed — Motion to Proceed to S.J. Res. 28
substantiveMar 5, 2025 · Senate · Joint Resolution Passed
On the Joint Resolution — S.J. Res. 28
substantiveApr 9, 2025 · House · Passed
On Passage — S J RES 28 — Disappoving 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”