SJRES 28
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".
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Bill 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.
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119th CONGRESS — 1st Session
S. J. RES. 28
IN THE SENATE OF THE UNITED STATES
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
.
Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications(89 Fed. Reg. 99582 (December 10, 2024)), and such rule shall have no force or effect.