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 cancels a Consumer Financial Protection Bureau rule about payment apps. The canceled rule would have let the CFPB supervise large nonbank payment app companies by defining who counts as a “larger participant” in that market . The rule targeted nonbank companies that handle at least 50 million transactions per year and are not small businesses . By overturning the rule, those companies would not be brought under CFPB supervision through this specific policy . The resolution specifically disapproves the CFPB rule on “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications” .

Key points:

• Who is affected: Large nonbank payment app providers (not small businesses) handling 50+ million transactions yearly .
• What changes: The CFPB’s plan to supervise these companies under this rule is blocked .
• When: The CFPB rule was published December 10, 2024; this measure cancels that rule .