SJRES 28 · 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".
Became Public Law No: 119-11.
- Introduced
- Feb 27, 2025
- Latest action
- May 9, 2025
- Sponsor
- Sen. Pete Ricketts [R-NE]
- Policy area
- Finance and Financial Sector
- Cosponsors
- 5
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
- May 9, 2025 Became Public Law No: 119-11.
- May 9, 2025 Became Public Law No: 119-11.
- May 9, 2025 Signed by President.
- May 9, 2025 Signed by President.
- May 5, 2025 Presented to President.
- May 5, 2025 Presented to President.
- Apr 9, 2025 Motion to reconsider laid on the table Agreed to without objection.
- Apr 9, 2025 On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514)
Votes
- On Passage Passed · Apr 9, 2025, 8:17 PM
- Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 51 - 47. Record Vote Number: 106. Agreed to · Mar 5, 2025, 10:33 PM
- Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 50 - 47. Record Vote Number: 103. (CR S1489) Agreed to · Mar 4, 2025, 11:38 PM