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".
119-HJRES-64119th CongressIntroduced Feb 27, 2025Finance and Financial Sector
Market Probability
No market
Status
Introduced
Committee
Floor Vote
Other Chamber
Signed
Referred to the House Committee on Financial Services.
Sponsor
Rep. Flood, Mike [R-NE-1](R-NE-1)7 cosponsors
Summary
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.
Subjects
Administrative law and regulatory proceduresCongressional oversightConsumer Financial Protection BureauConsumer affairsInternet, web applications, social media
Actions (3)
Referred to the House Committee on Financial Services.
Feb 27, 2025House floor actions
Introduced in House
Feb 27, 2025Library of Congress
Introduced in House
Feb 27, 2025Library of Congress