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".
Congress Votes to Block Federal Oversight of Popular Digital Payment Apps
Signed Into Law
This legislation has been enacted.
Legislative Progress
219–211
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.
Impact Analysis
Personal Impact
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.
Activities
Milestones
Became Public Law No: 119-11.
The President signed it. This is now the law of the land.
Signed by President.
The President signed it. This is now the law of the land.
Presented to President.
Both chambers passed identical text. The President has 10 days to sign it into law or veto it.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514)
Vote Results
3 votesOn the Motion to Proceed
On the Joint Resolution
Related 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.
Source Information
Document Type
Congressional Bill
Official Title
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".
Data Sources
Sponsor
Cosponsors
(5)Analysis generated by AI. Always verify with official sources.