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: H.J.Res.64 would nullify the CFPB final rule that defines larger nonbank participants in the general-use digital consumer payment application market (at least 50 million annual transactions and not small businesses) as subject to CFPB supervisory authority.
Abstract
(HJRES64 · 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 (2025-02-27): Referred to the House Committee on Financial Services.
Why this matters
H.J.Res.64 is the House-side CRA disapproval companion to the Senate resolution that already nullified the CFPB’s digital payment app supervisory rule, reinforcing that large nonbank payment providers (Apple Pay, Google Pay, Venmo, CashApp, etc.) will not be subject to routine CFPB supervisory examinations under this rulemaking. For consumers, this leaves oversight of general-use digital payment apps to enforcement-only authority and state regulators rather than ongoing federal supervision; for nonbank payment firms, it removes the compliance and examination burden the rule would have imposed.