Plain English
GovGreed Synthesis ·
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.
Top Winners — Our Analysis
PYPL
50% confidence
The bill disapproves a CFPB rule that would have subjected larger participants in digital consumer payment applications to supervision; PayPal is explicitly named in the CFPB's rule as a likely larger participant (based on general knowledge, not in bill text).
View PYPL intelligence →
SQ
50% confidence
Square's Cash App is a major digital payment app; the CFPB rule would have subjected it to supervision, so disapproval benefits it (based on general knowledge, not in bill text).
View SQ intelligence →
Top winners identified by GovGreed LLM analysis. Full impact map with all affected tickers available to Pro subscribers.
Market Impact Map
Action Timeline
2025-02-27
Introduced in House
2025-02-27
Referred to the House Committee on Financial Services.
2025-02-27
Introduced in House
Full Bill Text
119 HJ 64 IH: 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”. U.S. House of Representatives 2025-02-27 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. IA 119th CONGRESS 1st Session H. J. RES. 64 IN THE HOUSE OF REPRESENTATIVES February 27, 2025 Mr. Flood (for himself, Mr. Meuser , Mrs. Kim , Mr. Downing , and Mr. Steil ) submitted the following joint resolution; which was referred to the Committee on Financial Services 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 . That Congress disapproves the final rule submitted by the Bureau of Consumer Financial Protection relating to 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.
Loading intelligence layer…