This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications and published on December 10, 2024. The rule defines larger participants in the general-use digital consumer payment application market (i.e., payment apps) that are subject to CFPB supervisory authority. The rule defines larger participants in this market as nonbanks (1) with an annual volume of at least 50 million transactions, and (2) that are not small business concerns.
CRS summary — Public Law (2025-05-09)
| Date | Chamber | Question | Yea–Nay | Result | |
|---|---|---|---|---|---|
| 2025-03-04 | Senate | On the Motion to Proceed | 50–47 | Motion to Proceed Agreed to | |
| 2025-03-05 | Senate | On the Joint Resolution | 51–47 | Joint Resolution Passed | ⭐ Became law |
| 2025-04-09 | House | On Passage | 219–211 | Passed | ⭐ Became law |
Senate counts are senators only; a Vice President tie-breaking vote is not included (e.g. 50–50, passed).
