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”.
Key claim: Congress enacted a joint resolution (S.J.Res.28) that nullified the CFPB final rule defining larger participants in the general-use digital consumer payment application market, becoming Public Law 119-11.
Abstract
(SJRES28 · 119th Congress) 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. Latest action (2025-05-09): Became Public Law No: 119-11.
Why this matters
Enactment of S.J.Res.28 removes CFPB supervisory examination authority over the largest nonbank digital payment app providers (e.g., wallets and P2P services), narrowing federal oversight of a rapidly growing consumer payments channel to enforcement-only rather than routine supervision. For fintechs and Big Tech payment operators this reduces compliance burden and examination exposure; for consumers it means less proactive monitoring of privacy, error-resolution, and fraud practices at scale.