H.J.Res. 64 · Where this bill is now
Became law through another bill
Its text was included in S.J.Res. 28, Public Law 119-11 (per the Congressional Research Service). This bill number itself: In committee.
See S.J.Res. 28 on Congress.gov ↗
What this bill does
In plain words · AI-written from the official summaryBlocks payment app regulation rule
The Consumer Financial Protection Bureau (a federal agency that oversees financial products) created a rule that would put large payment apps—like mobile payment services—under its supervision. This rule targets apps that process at least 50 million transactions per year and aren't small businesses. This joint resolution stops that rule from taking effect.
How it affects you
If you use payment apps, this affects which regulators watch over them. Without this rule, some large payment apps won't be directly supervised by the CFPB. The practical effect on everyday app users depends on what consumer protections those companies choose to follow.
Read the official summary (Introduced in House, Feb 27, 2025)
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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH.J.Res. 64
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".
Sponsor: Rep. Mike Flood (R-NE-1) · Introduced Feb 27, 2025 · Finance and Financial Sector · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Feb 27, 2025: “Referred to the House Committee on Financial Services.”