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.

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

[119th Congress Public Law 11]
[From the U.S. Government Publishing Office]



[[Page 139 STAT. 54]]

Public Law 119-11
119th Congress

                            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''. <<NOTE: May 9, 
                        2025 -  [S.J. Res. 28]>> 

    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.

    Approved May 9, 2025.

LEGISLATIVE HISTORY--S.J. Res. 28:
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CONGRESSIONAL RECORD, Vol. 171 (2025):
            Mar. 4, 5, considered and passed Senate.
            Apr. 9, considered and passed House.

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