S.J.Res. 28 · 119th Congress · Senate
A joint resolution 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 Applica
Introduced 2025-02-27 · Sponsored by Sen. Ricketts, Pete [R-NE] (R-NE) · Last updated 2026-03-31
Last action (2025-05-09): Became Public Law No: 119-11.
Summary
Stops the CFPB from being able to directly supervise big payment apps like Venmo, Cash App, and similar platforms. The rule would have subjected any nonbank payment app processing 50+ million transactions a year to the same kind of oversight that banks get. Congress killed it, keeping these tech companies under lighter regulation.
The Good
Avoids treating payment apps like banks when they are not banks
The CFPB rule would have subjected large payment app companies (those processing 50+ million transactions annually) to the same supervisory authority applied to banks. These companies argued they are technology platforms, not financial institutions, and should not face banking-style examinations.
Prevents regulatory burden that could stifle fintech innovation
Subjecting payment apps to federal supervision adds compliance costs that could slow feature development, increase fees, or discourage new entrants into the market. The US fintech sector has grown partly because of lighter regulatory treatment compared to traditional banking.
The Bad
Leaves billions in consumer funds without federal oversight
Large payment apps like Venmo, Cash App, and PayPal hold and transfer billions of dollars for consumers. Without CFPB supervisory authority, these companies are not subject to the same routine examinations for consumer protection compliance that banks undergo.
Consumers have fewer protections on payment apps than at banks
When fraud or errors occur on payment apps, consumers often have less recourse than with traditional bank accounts. The CFPB rule was designed to ensure these platforms meet the same consumer protection standards as the banks they increasingly compete with and replace.
Vote Record
House, 2025-04-09
Passed Congress.gov — House Roll Call #95
House vote by state
Hover over a state to see its delegation
Senate, 2025-03-05
Passed Congress.gov — Senate Roll Call #106
Senate vote by state
Hover over a state to see its delegation
Senate, 2025-03-04
Passed Congress.gov — Senate Roll Call #103
Senate vote by state
Hover over a state to see its delegation
All Sources
Everything on this page ties back to one of these. Click through if you want to check.