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Congress·Enacted·10 months ago

Congress Votes to Block Federal Oversight of Popular Digital Payment Apps

Legislative Progress

✓ Filed
✓ Review
✓ Senate
✓ House

219–211

✓ President

Impact Analysis

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

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

Milestones

8 milestones27 actions
May 9, 2025

Became Public Law No: 119-11.

May 9, 2025

Signed by President.

May 5, 2025House

Presented to President.

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·11 months ago

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.

CL=
Axios·12 months ago

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.

C=
The Hill·about 1 year ago

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.

C=

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".

Bill NumberSJRES 28
Congress119th Congress
ChamberSenate
Latest ActionBecame Public Law No: 119-11.

Sponsor

Cosponsors

(5)
R: 5

Analysis generated by AI. While we strive for accuracy, this should not be considered legal or professional advice. Always verify information with official government sources.