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".
- Bill Number
- H.J.Res. 64
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2025-02-27: Referred to the House Committee on Financial Services.
- Last Updated
- 2025-11-24T19:19:39Z
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.
Sponsor
Cosponsors (7)
Rep. Meuser, Daniel [R-PA-9], Rep. Kim, Young [R-CA-40], Rep. Downing, Troy [R-MT-2], Rep. Steil, Bryan [R-WI-1], Rep. Loudermilk, Barry [R-GA-11], Rep. Moore, Tim [R-NC-14], Rep. Barr, Andy [R-KY-6]
Recent Actions
- 2025-02-27: Referred to the House Committee on Financial Services.
- 2025-02-27: Introduced in House
- 2025-02-27: Introduced in House
Bill Versions
- 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". — issued 2025-02-27 — PDF (2 pages)