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".

H.J.Res. 64 would overturn a Consumer Financial Protection Bureau rule issued in December 2024 that defines which payment app companies are considered large enough to fall under CFPB supervision. Under the rule being challenged, nonbank payment app companies with at least 50 million annual transactions would be subject to CFPB oversight, unless they qualify as small business concerns.

If enacted, this resolution would eliminate that regulatory requirement, meaning large payment app companies would no longer be automatically subject to CFPB supervisory authority. This could affect consumer protections related to digital payment applications, as these companies would face less federal oversight. The resolution is currently in committee and has not yet been voted on by the full House.

Note that this is a binding joint resolution, which means it would have the force of law if passed and signed by the President, unlike non-binding resolutions.