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:
Updated 1 week ago
Last progress April 1, 2025 (9 months ago)
Updated 1 week ago
Last progress February 27, 2025 (10 months ago)
President of the United States
Last progress May 9, 2025 (7 months ago)
Introduced on February 27, 2025 by John Peter Ricketts