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S.J.Res. 28 · Where this bill is now

Became law

Public Law 119-11, May 9, 2025

What this bill does

In plain words · AI-written from the official summary

Blocks new digital payment app oversight rule

The Consumer Financial Protection Bureau issued a rule in December 2024 that would make certain large payment app companies subject to federal supervision. This joint resolution would undo that rule, meaning those payment app companies would no longer fall under the agency's oversight authority.

How it affects you

Payment app users may not see a direct change from this. The rule was about which companies the government monitors for consumer protection issues. If the resolution passes, large payment app companies that handle at least 50 million transactions a year won't have to submit to federal supervision in the same way.

Read the official summary (Public Law, May 9, 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.

119th Congress
1st SessionS.J.Res. 28

JOINT RESOLUTION

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".

Passed SenateMar 5, 2025 · 51–47Passed HouseApr 9, 2025 · 219–211Public Law 119-11May 9, 2025

Sponsor: Sen. Pete Ricketts (R-NE) · Introduced Feb 27, 2025 · Finance and Financial Sector · 4 versions of the text

Read the full billOfficial record on Congress.gov ↗

Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action May 9, 2025: “Became Public Law No: 119-11.”

How Congress voted

Official roll calls

House · On Passage · Apr 9, 2025

Passed 219–211

YesNoDidn’t vote
PartyYesNoDidn’t vote
Democrats02112
Republicans21901

Source: Clerk of the House · roll call 95

219–211Passed
DemocratsRepublicans

Congress votes on whole bills and amendments, not on single sections.

Sections

The wording of this bill hasn’t changed across its 4 official versions.

Sections · 1