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".

This law nullifies a Consumer Financial Protection Bureau (CFPB) rule that would have brought large digital payment app companies under federal supervision. The rule, published in December 2024, would have applied to major payment platforms including Venmo, PayPal, Cash App, Apple Pay, Google Pay, Samsung Pay, and Facebook that process at least 50 million transactions annually. These companies collectively handle approximately 98 percent of nonbank digital payment transactions, which totaled over 13.5 billion transactions per year.