Congress Votes to Block Federal Oversight of Popular Digital Payment Apps
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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3 votesRelated News
3 articles
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.
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.
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.
Related Bills
3 billsDisapproving 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.
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.
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.
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