SJRES 28 — 119th Congress
This joint resolution uses the Congressional Review Act to disapprove and nullify a rule issued by the Bureau of Consumer Financial Protection (CFPB) in December 2024. The CFPB rule would have designated larger digital payment applications (such as mobile payment apps and digital wallets) as "larger participants" in the consumer payment market, subjecting them to increased federal supervision and examination. By passing this resolution, Congress blocks the CFPB rule from taking effect, meaning these digital payment platforms will not face the additional regulatory oversight that the rule would have imposed. The resolution prevents the CFPB from treating major digital payment services the same way it treats traditional financial institutions for supervisory purposes.
AI-generated summary, human reviewed.
Regulatory or legal changes
Nullifies CFPB rule defining larger participants in digital consumer payment applications market Prevents CFPB supervision and examination of major digital payment platforms under this framework Rule published in Federal Register on December 10, 2024 (89 Fed. Reg. 99582) shall have no force or effect
Final vote
Based on the components you reviewed, do you support this bill in its current form?