HJRES 64 · 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".
Referred to the House Committee on Financial Services.
- Introduced
- Feb 27, 2025
- Latest action
- Feb 27, 2025
- Sponsor
- Rep. Mike Flood [R-NE-1]
- Policy area
- Finance and Financial Sector
- Cosponsors
- 7
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.
Recent actions
- Feb 27, 2025 Referred to the House Committee on Financial Services.
- Feb 27, 2025 Introduced in House
- Feb 27, 2025 Introduced in House
Votes
No recorded votes are available for this bill.