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S.J.Res. 28119th Congress
Official title: 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".
Introduced:
Read the official bill on Congress.govThe plain-language version leads. The official text is always the reference.
Congress voided a CFPB rule that would have let it supervise large digital payment app companies like it does banks.
45-second read · 4 questions answered below
This law cancels a CFPB rule that would have allowed the agency to supervise large digital payment app companies similarly to big banks and credit unions. Using the Congressional Review Act, Congress formally rejected the rule, so it has no legal effect. The CFPB is also barred from creating a substantially similar rule unless Congress authorizes it.
Large companies operating digital payment apps, such as mobile wallets or peer-to-peer payment services, are directly affected. Everyday consumers who use these apps, and to a lesser extent banks and credit unions already under similar regulation, are also affected.
The CFPB will have less direct authority to examine and supervise these payment companies for compliance with consumer protection laws. Consumers using these apps will have reduced federal oversight of the companies handling their transactions.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: the President signed it. It's law.Now law
Latest action: — Became Public Law No: 119-11.