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".

Bill: 119-sjres-28
Sponsor: full_name: Sen. Ricketts, Pete [R-NE]
Introduced: 2025-02-27
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Congressional oversight

Consumer Financial Protection Bureau

Consumer affairs

Internet, web applications, social media
Latest action: action_date: 2025-05-09
text: Became Public Law No: 119-11.

Summaries:
action_date: 2025-02-27
action_desc: Introduced in Senate
text: <p>This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled <em>Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications</em> 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&nbsp;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.</p>

action_date: 2025-05-09
action_desc: Public Law
text: <p>This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled <em>Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications</em> 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&nbsp;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.</p>

tv_txt: 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

tv_txt: 119th CONGRESS 1st Session 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.

Passed the Senate March 5, 2025. Secretary

tv_txt: IIA Calendar No. 20 119th CONGRESS 1st Session S. J. RES. 28 IN THE SENATE OF THE UNITED STATES February 27, 2025 Mr. Ricketts (for himself, Mr. Budd , Mr. Banks , Mr. Hagerty , Mrs. Fischer , and Mr. Scott of South Carolina ) introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs March 4, 2025 Committee discharged, by petition, pursuant to 5 U.S.C. 802(c) , and placed on the calendar 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.

March 4, 2025 Committee discharged, by petition, pursuant to 5 U.S.C. 802(c) , and placed on the calendar

tv_txt: IIA 119th CONGRESS 1st Session S. J. RES. 28 IN THE SENATE OF THE UNITED STATES February 27, 2025 Mr. Ricketts (for himself and Mr. Budd ) introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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.