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".
It became law on May 9, 2025.
- Stage
- Became law
- Started in
- Senate
- Sponsors
- 6
- Latest action
- May 9, 2025
What it does
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.
Official summary · Public Law · May 9, 2025
Titles and provisions can change as the bill moves.
Where it stands
This bill passed and is now law.
Introduced (Done)
Committee (Done)
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Once a bill is decided, the questions are about what is done with it.