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".
- Bill Number
- S.J.Res. 28
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Became Law
- Became Law
- Public Law 119-11
- Latest Action
- 2025-05-09: Became Public Law No: 119-11.
- Last Updated
- 2025-12-05T21:43:54Z
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 (5)
Sen. Budd, Ted [R-NC], Sen. Banks, Jim [R-IN], Sen. Hagerty, Bill [R-TN], Sen. Fischer, Deb [R-NE], Sen. Scott, Tim [R-SC]
Recent Actions
- 2025-05-09: Became Public Law No: 119-11.
- 2025-05-09: Became Public Law No: 119-11.
- 2025-05-09: Signed by President.
- 2025-05-09: Signed by President.
- 2025-05-05: Presented to President.
- 2025-05-05: Presented to President.
- 2025-04-09: Motion to reconsider laid on the table Agreed to without objection.
- 2025-04-09: On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514) (Roll call 95)
- 2025-04-09: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514: 2) (Roll call 95)
- 2025-04-09: Considered as unfinished business. (consideration: CR H1532-1533)
- 2025-04-09: POSTPONED PROCEEDINGS - At the conclusion of debate on S.J. Res. 28, the Chair put the question on passage of the joint resolution and by voice vote, announced that the ayes had prevailed. Mr. Hill (AR) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
- 2025-04-09: The previous question was ordered pursuant to the rule.
- 2025-04-09: DEBATE - The House proceeded with one hour of debate on S.J. Res. 28.
- 2025-04-09: Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28.
- 2025-04-09: Considered under the provisions of rule H. Res. 294. (consideration: CR H1514-1519)
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 2025-04-11 — PDF (1 pages)
- 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 2025-03-05 — PDF (2 pages)
- 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)
- 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 2025-03-04 — PDF (4 pages)