Senate passes resolution disapproving CFPB rule on digital payment applications
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Table of Contents
The Senate passed a joint resolution that officially disapproves a rule previously issued by the Consumer Financial Protection Bureau (CFPB). This specific rule was intended to define which companies qualify as “larger participants” in the market for general-use digital consumer payment applications.
Why it matters: This is a procedural move used by Congress to overturn a specific regulation. It stops the CFPB from applying its new definitions to companies that handle digital payments, which changes how those companies are supervised and regulated.
Who it affects
- Companies that operate or provide general-use digital consumer payment applications
This information comes from Congress.gov regarding the CFPB; readers should consult the official text of Public Law No: 119-11 before relying on this for compliance decisions.
Agency: Senate
Source: Congress.gov — read the official document