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 Applications".

# Summary of SJRES 28 **What the Bill Does:** This resolution cancels a rule issued by the Consumer Financial Protection Bureau (CFPB) in December 2024 that would have given the agency authority to supervise large payment apps—specifically those processing at least 50 million transactions annually and that aren't small businesses. By passing this resolution, Congress effectively vetoed the CFPB's attempt to expand its regulatory oversight into the digital payments sector. **Who It Affects:** The main beneficiaries are payment app companies (like Cash App, Venmo, PayPal, and others) that would have faced new regulatory requirements and CFPB supervision under the original rule.

The resolution also affects consumers, though the impact depends on perspective: supporters argue it prevents unnecessary regulation that could increase costs or reduce innovation, while critics contend it removes important consumer protections in a rapidly growing industry. **Current Status:** The bill has been signed into law, meaning the CFPB's payment app rule is now nullified and will not go into effect. This represents a use of Congressional Review Act procedures, which allow Congress to overturn federal agency regulations within a limited timeframe.