United States of America: Congressional resolution nullifying rule on defining larger participants in the digital consumer payment market was adopted by House of Representatives

On 9 April 2025, the House of Representatives adopted a joint resolution (SJ Res 28) under the Congressional Review Act (CRA) to disapprove the final rule submitted by the Consumer Financial Protection Bureau (CFPB) titled "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications". The rule would have subjected large nonbank digital payment providers, including technology firms and digital wallet operators, to CFPB supervisory authority under the Dodd-Frank Act. By passing this resolution, Congress prevents the rule from going into effect.