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S.J.Res. 28: 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".

119th Congress · introduced 2025-02-27 · Finance and Financial Sector · Latest: Became Public Law No: 119-11.

federal

What does this mean?

Official title

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".

Plain 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.

Congressional Research Service summary (Public Law), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

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".

Source: Congressional Research Service summary (Public Law)

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The strongest published arguments

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Alternatives

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Officials and money

Sponsor: Sen. Ricketts, Pete [R-NE] · 5 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Ted Budd (R-NC), Jim Banks (R-IN), Bill Hagerty (R-TN), Deb Fischer (R-NE), Tim Scott (R-SC)

Sponsor's campaign money: Sen. Ricketts, Pete [R-NE] reported raising $14.5 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Recorded votes

Words on this page, explained (2)
Joint resolution
In Texas, the type of measure the Legislature uses to propose a constitutional amendment (marked HJR or SJR). The governor does not sign or veto it; the voters decide. In Congress a joint resolution can also be used like a bill. In Florida, a joint resolution passed by three-fifths of the members of each chamber puts a constitutional amendment on the ballot.
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong119-sjres28 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills