Joint Resolution Passed in the Senate on March 5, 2025 · 51 Yea, 47 Nay, 2 Not Voting
Question: On the Joint Resolution S.J.Res. 28
In plain English: Congress is voting to block a new rule from the Consumer Financial Protection Bureau that would have defined which large companies offering payment apps are subject to the agency's oversight. This resolution aims to prevent the rule, which sets transaction volume and business size as criteria for oversight, from taking effect.
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 volum…