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".

Key Points

• This proposal would stop a new government rule meant to oversee large digital payment apps. These include popular services people use to send money to friends or pay for items online.
• The original rule would allow the Consumer Financial Protection Bureau to inspect these companies just like they do with big banks. This is meant to ensure they follow laws regarding privacy and fair treatment.
• By blocking this rule, the companies would not have to undergo these specific federal checkups. This could save the companies money on paperwork but might reduce direct government eyes on how they handle user data.
• This action uses a special law that allows Congress to review and cancel rules made by government agencies. If it becomes law, the agency cannot try to make a similar rule again.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.