S.J. Res. 28 · Signed into law · Finance and Financial Sector

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".

Sponsor: Pete Ricketts (R-NE)

What it does

• Nullify the CFPB's December 2024 final rule that defines larger participants in the general-use digital consumer payment application market as nonbanks with at least 50 million annual transactions and that are not small
• Eliminate CFPB supervisory authority over nonbank payment app providers that would have been subject to the rule's definition of larger participants.
• Restore the prior regulatory framework for digital payment applications and remove the compliance obligations that would have accompanied CFPB oversight of this market segment.

Official summary

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.

Latest action

May 9, 2025: Became Public Law No: 119-11.

Committee: Senate Banking, Housing, and Urban Affairs