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".
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This joint resolution seeks to block a rule issued by the Bureau of Consumer Financial Protection (CFPB) that defined ‘larger participants’ in the market for digital consumer payment applications like Venmo and PayPal. The rule aimed to identify nonbanks processing at least 50 million transactions as ‘larger participants’ subject to CFPB oversight. Congress is disapproving this rule, effectively nullifying its impact.
Key provisions
- Congress is taking action to disapprove a specific CFPB rule.
- The rule defined ‘larger participants’ in the digital payment application market.
- The definition included nonbanks processing 50 million or more transactions.
- The rule was published on December 10, 2024 (89 Fed. Reg. 99582).
Who is affected
- Nonbank payment application providers
- The Bureau of Consumer Financial Protection
- Consumers using digital payment applications
Notable changes
- This action removes the CFPB’s authority to regulate certain nonbank payment application providers based on transaction volume.
Bill text
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Sponsors
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8 on record
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