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CFPB rule disapproved: Defining Larger Participants of a Market for General-Use Digital Consumer… › Provision 1

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”

Provision 1 ·  1 ·

What this chapter is about

This law kills a rule. The CFPB made the rule. It was about which payment apps it watches. The rule no longer applies.

1 proposal indexed from this chapter.

The document says “shall notWho acts: CongressHow: statute 1 in the PDF
What the document says

“Congress disapproves the final rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications" (89 Fed. Reg. 99582 (December 10, 2024)), and such rule shall have no force or effect.”

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”,  1

A resolution of disapproval under chapter 8 of title 5 of the United States Code, the Congressional Review Act. It names the rule by the title the agency gave it and by where the rule was published, and it states no reason. What the rule itself required is not described here, because that rule is not one of the documents this site has indexed.

What the document actually says

“Congress disapproves the final rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications" (89 Fed. Reg. 99582 (December 10, 2024)), and such rule shall have no force or effect.”

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”,  1
That sentence, in plain words

Congress votes down a rule about which payment apps it watches. The rule now has no force.

What this is about

The CFPB wrote a rule about which payment apps it watches. Congress voted to undo it. The rule is dead. It binds no one now. Congress used a law that lets it undo a new rule within a set time.

No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.

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What This Page Covers, and What It Leaves Out

The one thing the resolution does: it names a rule and deprives it of force.

The rule being disapproved. It is an agency rule published in the Federal Register, not this law, and it is named here rather than summarized.

The resolution gives no reason for the disapproval, so none is recorded. Members' reasons, where they gave any, are in their floor remarks rather than in the law.