US Congress · 119th Congress (2025-2026)

SJRES 28Law

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".

Source of recordUS Congress · congress.govLast synced Jul 28, 2026

Chamber

Senate

Progress

Where this bill stands in the legislative process.

Introduced
Passed Senate
Passed House
To President
Became Law

Overview

This joint resolution seeks to block a rule issued by the Consumer Financial Protection Bureau (CFPB) that defined which companies would be considered ‘larger participants’ in the market for digital consumer payment applications like Venmo and PayPal. The CFPB rule aimed to increase scrutiny of these companies, specifically focusing on those processing at least 50 million transactions annually and not being small businesses. Congress is using this resolution to effectively nullify the CFPB’s rule.

Key provisions

Disapproves the CFPB’s final rule.
Specifically targets the rule titled ‘Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications’.
States that the rule will have no force or effect.
Defines ‘larger participants’ as nonbanks with at least 50 million transactions annually.
Excludes small business concerns from the definition of ‘larger participant’.

Who is affected

Consumer Financial Protection Bureau (CFPB)
Digital payment application companies (e.g., Venmo, PayPal)
Nonbank payment processors
Consumers who use digital payment applications

Notable changes

This resolution aims to prevent the CFPB from regulating digital payment applications under the defined criteria.

Bill text

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Feb 27, 2025XMLView source

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Legislative history

29 recorded actions · showing the most recent 12

Apr 9, 2025House

On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514)

Apr 9, 2025

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514: 2)

Apr 9, 2025House

Considered as unfinished business. (consideration: CR H1532-1533)

Apr 9, 2025House

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.

Apr 9, 2025House

The previous question was ordered pursuant to the rule.

Apr 9, 2025House

DEBATE - The House proceeded with one hour of debate on S.J. Res. 28.

Apr 9, 2025House

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.

Apr 9, 2025House

Considered under the provisions of rule H. Res. 294. (consideration: CR H1514-1519)

May 5, 2025House

Presented to President.

May 5, 2025

Presented to President.

May 9, 2025

Signed by President.

May 9, 2025

Signed by President.

Votes

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Recorded roll calls

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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".

Progress