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Financial Services Committee
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H.J.Res. 64In committee
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".
Introduced: Feb 27, 2025
Latest action date: Feb 27, 2025
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In committee
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Introduced
Feb 27, 2025
Latest action
Feb 27, 2025
Recorded roll calls
0
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What this legislation is about
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Official CRS policy area
Finance and Financial Sector
View 5 official legislative subjects
Administrative law and regulatory proceduresCongressional oversightConsumer affairsConsumer Financial Protection BureauInternet, web applications, social media
Bill 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.
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Official committee record ↗
Amendments
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Checked against Congress.gov Sep 13, 2026.
Action timeline
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View full action timeline3 actions
Referred to the House Committee on Financial Services.
IntroReferralHouse floor actionsIntroduced in House
IntroReferralLibrary of CongressIntroduced in House
IntroReferralLibrary of Congress
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