Overturn the Bureau of Consumer Financial Protection rule “Defining Larger Participants of a Market for General-Use Digital Consumer Payment…”

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.

Summary by the Congressional Research Service (Public Law), via GovInfo BILLSTATUS. Text, sponsors and history on Congress.gov. Sponsor: Sen. Ricketts, Pete [R-NE].

Passed 220–211 on April 9, 2025 · On Passage

Democrats 0–211, Republicans 219–0

Source: Official roll call · Voteview

Joint Resolution Passed 51–47 on March 5, 2025 · On the Joint Resolution

Democrats 0–44, Independents 0–2, Republicans 51–1

Source: Official roll call · Voteview