Nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled Defining Larger Participants of a Market for…
Official title: 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".
This bill appears to be dead.
No action recorded in 1 year, 3 months. The structural status reflects an earlier milestone, not current activity.
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.
Filed in the House
This house joint resolution has been filed and is working its way through Congress. It will need to pass both the House and the Senate, then be signed by the President to become law.
Who introduced this
Mike Flood
RepublicanU.S. Representative · NE-1
7 cosponsors — all Republican
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