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.
Market Impact Map
Action Timeline
2025-05-09
Signed by President.
2025-05-09
Signed by President.
2025-05-09
Became Public Law No: 119-11.
2025-05-09
Became Public Law No: 119-11.
2025-05-05
Presented to President.
2025-05-05
Presented to President.
2025-04-09
Considered as unfinished business. (consideration: CR H1532-1533)
2025-04-09
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514: 2)
2025-04-09
On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514)
2025-04-09
Motion to reconsider laid on the table Agreed to without objection.
Full Bill Text
SJ 28 ENR: 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. Senate 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. One Hundred Nineteenth Congress of the United States of America 1st Session Begun and held at the City of Washington on Friday, the third day of January, two thousand and twenty five 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 . 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. Speaker of the House of Representatives Vice President of the United States and President of the Senate
Loading intelligence layer…