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Bill > HJRes64
US HJRes64
US HJRes64Disapproving 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".
summary
Introduced
02/27/2025
02/27/2025
In Committee
02/27/2025
02/27/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
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".
AI Summary
This resolution disapproves a rule issued by the Bureau of Consumer Financial Protection (CFPB), a federal agency responsible for protecting consumers in the financial marketplace, specifically targeting a regulation about "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications". The rule, published in the Federal Register on December 10, 2024, would have established criteria for identifying and potentially regulating larger digital payment platforms. By passing this resolution, Congress is effectively nullifying the CFPB's rule, ensuring that the regulation will have no legal standing or force. This action suggests that Congress believes the rule might be overly broad, potentially burdensome to businesses, or exceeds the CFPB's regulatory authority in defining and overseeing digital payment application markets.
Committee Categories
Business and Industry
Sponsors (8)
Mike Flood (R)*,
Andy Barr (R),
Troy Downing (R),
Young Kim (R),
Barry Loudermilk (R),
Dan Meuser (R),
Tim Moore (R),
Bryan Steil (R),
Last Action
Referred to the House Committee on Financial Services. (on 02/27/2025)
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-joint-resolution/64/all-info |
| BillText | https://www.congress.gov/119/bills/hjres64/BILLS-119hjres64ih.pdf |
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