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".

Summary

This legislation disapproves and nullifies a Consumer Financial Protection Bureau (CFPB) final rule that defined which firms count as “larger participants” in the market for general‑use digital consumer payment applications. It declares that the listed CFPB rule has no force or effect, removing that specific federal regulatory definition from law.

• Nullifies a specific CFPB final rule defining "larger participants" in the market for general‑use digital consumer payment apps.
• Declares the cited CFPB rule to have no force or effect; the rule is not enforceable.
• Affects which digital‑payment firms would have been subject to CFPB supervision or reporting tied to that designation.
• Does not create new federal rules or replace the CFPB definition with an alternative standard.
• Does not appropriate funds, change tax law, or impose mandates on states or local governments.
• Leaves the CFPB free to propose new rulemaking or revise the rule, and may prompt litigation or agency follow‑up.
• May increase short‑term uncertainty for app developers, payment processors, banks, and consumers relying on clarity about federal oversight.
• Could result in regulatory variation across states or market practices until federal oversight is clarified or a new rule is adopted.