H.J.Res. 64 Introduced Finance and Financial Sector

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".

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Flood, Mike [R-NE-1] Introduced February 27, 2025 Cosponsors 7 (7 R) Latest action February 27, 2025

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.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Feb 27, 2025 Referred to the House Committee on Financial Services.
  2. Feb 27, 2025 Introduced in House

Congressional and federal records come from official public sources: the House Clerk, the U.S. Senate, GovInfo and the Library of Congress (bill status), the Federal Register, and the congress-legislators project. They are copied on a schedule and may lag the official record by a few hours; the official sources govern. News and coverage counts are drawn from the 4Search index and reflect what the press published, not 4Search's views. Nothing here is an endorsement of any candidate, party or position. Terms of use.