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".

This measure would block a new Consumer Financial Protection Bureau rule about “general-use digital consumer payment applications.” In plain terms, it aims to stop a rule that defines which bigger digital payment apps fall under extra federal oversight. If this passes, that CFPB rule would not go into effect, and those apps would avoid the added supervision the rule was designed to create .

Here are the basics:

• It targets the CFPB rule on “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications” .
• The goal is to disapprove (overturn) that rule so it cannot be applied .

Key points:

• Who is affected: Companies that run large, general-use consumer payment apps, and the people who use them .
• What changes: The CFPB’s plan to place extra oversight on larger app providers would be stopped .
• When: If this measure becomes law, the rule would not take effect. If it does not become law, the rule could proceed .