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 HJRES 64 **What the bill would do:** This bill would reject and eliminate a new rule issued by the Consumer Financial Protection Bureau (CFPB) in December 2024. That rule established which payment apps—like Venmo, PayPal, and Cash App—are large enough to be supervised and regulated by the CFPB. Under the rule, payment apps handling at least 50 million transactions per year would fall under CFPB oversight. This resolution would prevent that rule from taking effect. **Who it affects and key provisions:** The bill primarily affects digital payment app companies and their users. Payment app companies would avoid CFPB supervision if this bill passes, meaning less federal regulatory oversight of their operations and consumer protections.

Consumers using these apps could see differences in protections and dispute resolution processes. The resolution targets only large payment apps, not small ones, and applies only to nonbank companies (not traditional banks). **Current status:** The bill is currently in committee and has been sponsored by Rep. Mike Flood (R-NE). It has not yet been voted on by the full House. Congress can use this type of resolution under the Congressional Review Act to overturn federal agency rules within a limited timeframe after they're issued.