SJRES28Enacted into Law

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".

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Introduced
In Committee
Passed One Chamber
Passed Both
Signed into Law
119th
Congress
2025-02-27
Introduced
5
Cosponsors
SJRES
ⓘ
Type

Sponsor

Pete Ricketts
Pete Ricketts
Republican · NE · Senator
Votes with party: 75.9% (850 recorded votes)
Top industries funding sponsor:
  • Conservative Groups$7,500k
  • Progressive Groups$525k
  • Tech & Internet$43k

Full profile: /officials/R000618

Source: Congress.gov · FEC

Cosponsors (5)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

5 cosponsors on record at Congress.gov. The named list is syncing into Govwatch and will appear here shortly — view on Congress.gov in the meantime.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Became Public Law No: 119-11.

2025-05-09

Source: Congress.gov

Committee Activity

Currently in

Previously

Plain-English Summary

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.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Finance and Financial Sector
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Related legislation

Bills by the same sponsor or covering overlapping subjects.