Signed into law
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".
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.
- Measure
- S.J.Res. 28 · 119th Congress
- Latest action
- May 9, 2025
- Policy changes
- 1
- Source
- CRS summary (Public Law) · Congress.gov
Became Public Law No: 119-11.
Who wrote it
Sponsor
Sen. Pete Ricketts (R-NE)Joined by 5 cosponsors, 1 of them from the day it was introduced. Introduced February 27, 2025.
All 5 cosponsors
- Sen. Ted Budd (R-NC) · original
- Sen. Jim Banks (R-IN)
- Sen. Bill Hagerty (R-TN)
- Sen. Deb Fischer (R-NE)
- Sen. Tim Scott (R-SC)
How Congress voted
Senate · March 5, 2025
Passed Senate without amendment by Yea-Nay Vote. 51 - 47. Record Vote Number: 106.
51 yea · 47 nay · 2 other · Republicans 51–1 · Democrats 0–44 · Independents 0–2 · Official record
House · April 9, 2025
On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95).
219 yea · 211 nay · 3 other · Republicans 219–0 · Democrats 0–211 · Official record
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In their own words
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What it changes — and your vote
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Provision 1
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.
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