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".
Sponsored by Pete Ricketts
Became Public Law No: 119-11.
May 9, 2025
This joint resolution nullifies a Consumer Financial Protection Bureau rule issued on December 10, 2024, that defines larger participants in the general-use digital consumer payment application market subject to CFPB supervisory authority. Under the rule being nullified, larger participants were defined as nonbanks with an annual transaction volume of at least 50 million transactions that are not classified as small business concerns. The resolution eliminates this regulatory definition and the supervisory requirements it established.
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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.