Key Points

Congress is stopping a new rule from the Bureau of Consumer Financial Protection that would have allowed the government to monitor big digital payment apps. This includes popular services people use to send money to friends or pay for things with their phones.
The original rule aimed to treat these large tech companies more like traditional banks. It would have allowed federal inspectors to check if these companies were following consumer protection laws, keeping money safe, and protecting user data.
By passing this resolution, Congress is saying the rule cannot take effect. This means the government will not have the new powers to regularly audit or supervise the day-to-day operations of these specific payment apps.
This decision affects millions of Americans who use digital wallets. While some say the rule was needed to protect consumers, others believe it was too much government reach into the tech industry and could have made these services more expensive.

Economy FinanceTechnology Digital

Impact Analysis

Personal Impact

Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works

Life & Work

Millions of gig workers receive payments through digital payment apps like Venmo, PayPal, and Cash App. Without federal supervision of these large payment platforms, gig workers lose a layer of consumer protection oversight that would have helped ensure their funds are safe, disputes are handled fairly, and their personal data is protected. These workers often lack the protections that traditional bank account holders enjoy.

2

4

3

5

-1

ImpactCertaintyScopeDurationSentiment

2

4

3

5

-1

ImpactCertaintyScopeDurationSentiment

Activities

Milestones

8 milestones27 actions

May 9, 2025

Became Public Law No: 119-11.

The President signed it. This is now the law of the land.

May 9, 2025

Signed by President.

The President signed it. This is now the law of the land.

May 5, 2025House

Presented to President.

Both chambers passed identical text. The President has 10 days to sign it into law or veto it.

Apr 9, 2025House

Motion to reconsider laid on the table Agreed to without objection.

Apr 9, 2025House

On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514)

Vote Results

3 votes

HousePassedPassageApr 9, 2025

On Passage

219

211

Democrat

0 – 211 · 2

Republican

219 – 0 · 1

View full roll call

SenatePassedProceduralMar 4, 2025

On the Motion to Proceed

50

47

Democrat

0 – 44 · 1

Republican

50 – 1 · 2

Independent

0 – 2

View full roll call

SenatePassedMar 5, 2025

On the Joint Resolution

51

47

Democrat

0 – 44 · 1

Republican

51 – 1 · 1

Independent

0 – 2

View full roll call

Related News

3 articles

Bloomberg News·Apr 9, 2025

GOP Repeal of CFPB’s Big Tech Payments Rule Cleared for Trump

The House voted 219-211 to repeal the CFPB's 'larger participant' rule for digital payments using the Congressional Review Act. The resolution (S.J. Res. 28) now heads to President Trump, who is expected to sign it, nullifying oversight for apps like Apple Pay and Google Pay.

Center Left

Axios·Mar 5, 2025

Senate votes to overturn CFPB digital payment oversight rule

The Senate voted 51-47 to nullify a Biden-era rule that would have allowed the CFPB to supervise large digital wallets and payment apps. Proponents of the repeal argued the rule was duplicative and burdensome for the fintech industry.

Center

The Hill·Feb 27, 2025

Republicans target Biden 'midnight' financial rules for repeal

GOP lawmakers are moving quickly to use the Congressional Review Act to strike down a series of rules from the Consumer Financial Protection Bureau, including a measure that would have brought major tech-driven payment platforms under federal supervision.

Center

Related Bills

3 bills

H.J.Res. 64Identical bill

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".

Feb 27 — Referred to the House Committee on Financial Services.

H.Res. 282Related bill

Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions''; providing for consideration of the joint resolution (S.J. Res. 28) 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''; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.

Apr 1 — Motion to reconsider laid on the table Agreed to without objection.

H.Res. 294Related bill

Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions"; providing for consideration of the joint resolution (S.J. Res. 28) 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"; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.

Apr 8 — Motion to reconsider laid on the table Agreed to without objection.

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".

Legislative Progress

Key Points

Impact Analysis

Personal Impact

Life & Work

Activities

Milestones

Vote Results

Related News

GOP Repeal of CFPB’s Big Tech Payments Rule Cleared for Trump

Senate votes to overturn CFPB digital payment oversight rule

Republicans target Biden 'midnight' financial rules for repeal

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