HJRES 64 · in committee · major
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".
- government reform
What this bill does
- This resolution cancels a CFPB rule that defines which payment app companies are subject to federal oversight.
- Payment app companies with 50+ million annual transactions would be affected by the canceled rule.
- The resolution takes effect immediately upon passage and eliminates the regulatory requirements.
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Community Threads
Started by Cosponsor
- 01
How would eliminating oversight of payment apps handling 50+ million transactions affect consumer protections like fraud prevention and data security?
- 02
What specific compliance costs or competitive disadvantages prompted Congress to block this CFPB rule defining larger payment app participants?
- 03
If this rule is canceled, what alternative methods should regulators use to monitor payment apps for systemic financial risks?
Cosponsor writes these to seed civic discussion — they aren't user posts. Sign in to reply.
Sponsor · R-NE-1
Mike Flood
Citizen cosponsors
0
In Congress
7/ 435
House Reps cosponsoring
Introduced 2025-02-27
Joining the bill
Legislative timeline
2025-02-27 · house · IntroReferral
Referred to the House Committee on Financial Services.
2025-02-27 · IntroReferral
Introduced in House
2025-02-27 · IntroReferral
Introduced in House
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