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This resolution would отмен? Let's avoid weird. This resolution would block a Consumer Financial Protection Bureau rule that set out who counts as a “larger participant” in the market for general-purpose digital consumer payment apps. If the resolution becomes law, the rule would be canceled and would not take effect.
- It targets a final rule issued by the Consumer Financial Protection Bureau on December 10, 2024.
- The rule is about digital payment apps used by consumers for general payments, not a specific company or app.
- Congress would be stating that the rule should have no legal force or effect.
Official Summaries
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.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 64 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. J. RES. 64
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''.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 27, 2025
Mr. Flood (for himself, Mr. Meuser, Mrs. Kim, Mr. Downing, and Mr.
Steil) submitted the following joint resolution; which was referred to
the Committee on Financial Services
_______________________________________________________________________
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''.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That Congress disapproves the
final rule submitted by the Bureau of Consumer Financial Protection
relating to ``Defining Larger Participants of a Market for General-Use
Digital Consumer Payment Applications'' (89 Fed. Reg. 99582 (December
10, 2024)), and such rule shall have no force or effect.
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