Disapproval of CFPB payment app supervision rule
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".
Signed into law May 9, 2025 · Finance and Financial Sector
What this law does
- Cancels a Consumer Financial Protection Bureau rule from December 2024 that put larger digital payment apps under the bureau's supervision.
- Undoes the rule's coverage of nonbank payment apps with at least 50 million transactions a year that are not small businesses.
Plain-language list by Voting On, based only on the official summary by the nonpartisan Congressional Research Service and the bill's titles. Read the official summary.
How it became law
- IntroducedFeb 27, 2025 · Senate
- 6 daysPassed SenateMar 5, 2025
- 35 daysPassed HouseApr 9, 2025
- 26 daysPresented to the PresidentMay 5, 2025
- 4 daysSigned into lawMay 9, 2025
Official summary
This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications and published on December 10, 2024. The rule defines larger participants in the general-use digital consumer payment application market (i.e., payment apps) that are subject to CFPB supervisory authority. The rule defines larger participants in this market as nonbanks (1) with an annual volume of at least 50 million transactions, and (2) that are not small business concerns.
Summary by the nonpartisan Congressional Research Service (Public Law, May 9, 2025).
Who wrote it
Sponsor: Sen. Ricketts, Pete [R-NE]
5 cosponsors: 5 Republicans. 1 signed on the day it was introduced, 4 joined later.
Show all cosponsors
| Cosponsor | Signed on | |
|---|---|---|
| Sen. Budd, Ted [R-NC] | Feb 27, 2025 | Original cosponsor |
| Sen. Banks, Jim [R-IN] | Mar 3, 2025 | |
| Sen. Hagerty, Bill [R-TN] | Mar 3, 2025 | |
| Sen. Fischer, Deb [R-NE] | Mar 4, 2025 | |
| Sen. Scott, Tim [R-SC] | Mar 4, 2025 |
Recorded votes
| Date | Chamber | Vote | Yeas | Nays |
|---|---|---|---|---|
| Mar 4, 2025 | Senate | Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 50 - 47. Record Vote Number: 103. | 50 | 47 |
| Mar 5, 2025 | Senate | Passed Senate without amendment by Yea-Nay Vote. 51 - 47. Record Vote Number: 106. | 51 | 47 |
| Apr 9, 2025 | House | On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). | 219 | 211 |
What was added
Amendments adopted (0)
No floor amendments were adopted. Any changes were made in committee or in a later version of the bill.
Sections in the final law that were not in the first version (Introduced in Senate) (0)
None. Every section heading in the final law was already in the first version (Introduced in Senate).
What was removed
Sections in the first version (Introduced in Senate) that did not make it into the law (0)
None. Every section heading from the first version (Introduced in Senate) remains in the law.
Compared by section heading between the Introduced in Senate text (Feb 27, 2025) and the Enrolled Bill text, both from GovInfo. Wording changes inside a section that kept its heading are not shown here; see the amendments and the text versions.
Proposed but not adopted
No amendments were voted down or withdrawn.
Full action history
Show all 31 official actions
| May 9, 2025 | Signed by President. |
| May 9, 2025 | Signed by President. |
| May 9, 2025 | Became Public Law No: 119-11. |
| May 9, 2025 | Became Public Law No: 119-11. |
| May 5, 2025 | Presented to President. |
| May 5, 2025 | Presented to President. |
| Apr 9, 2025 | Motion to reconsider laid on the table Agreed to without objection. |
| Apr 9, 2025 | Passed/agreed to in House: On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514: 2) |
| Apr 9, 2025 | On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514) |
| Apr 9, 2025 | Considered as unfinished business. (consideration: CR H1532-1533) |
| Apr 9, 2025 | POSTPONED PROCEEDINGS - At the conclusion of debate on S.J. Res. 28, the Chair put the question on passage of the joint resolution and by voice vote, announced that the ayes had prevailed. Mr. Hill (AR) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced. |
| Apr 9, 2025 | The previous question was ordered pursuant to the rule. |
| Apr 9, 2025 | DEBATE - The House proceeded with one hour of debate on S.J. Res. 28. |
| Apr 9, 2025 | Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. |
| Apr 9, 2025 | Considered under the provisions of rule H. Res. 294. (consideration: CR H1514-1519) |
| Apr 7, 2025 | Rules Committee Resolution H. Res. 294 Reported to House. Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. |
| Apr 1, 2025 | Rule H. Res. 282 failed passage of House. |
| Apr 1, 2025 | Rules Committee Resolution H. Res. 282 Reported to House. Rule provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18 and S.J. Res. 28. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. The resolution also provides that H. Res. 23 and H. Res. 164 are laid on the table. |
| Mar 10, 2025 | Held at the Desk |
| Mar 10, 2025 | Received in the House |
| Mar 6, 2025 | Message on Senate action sent to the House. |
| Mar 5, 2025 | Considered by Senate. (consideration: CR S1503, S1510-1511, S1520-1521) |
| Mar 5, 2025 | Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 51 - 47. Record Vote Number: 106. |
| Mar 5, 2025 | Passed Senate without amendment by Yea-Nay Vote. 51 - 47. Record Vote Number: 106. |
| Mar 4, 2025 | Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c). |
| Mar 4, 2025 | Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c). |
| Mar 4, 2025 | Placed on Senate Legislative Calendar under General Orders. Calendar No. 20. |
| Mar 4, 2025 | Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 50 - 47. Record Vote Number: 103. (CR S1489) |
| Mar 4, 2025 | Measure laid before Senate by motion. (consideration: CR S1489) |
| Feb 27, 2025 | Introduced in Senate |
| Feb 27, 2025 | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
Sources: Congress.gov (bill record, sponsors, actions, amendments, CRS summary) and GovInfo (official text). Days are calendar days.