The record

LegislationLegislation· May 2025
S.J.Res. 28 Signed into law

Sponsored by Pete Ricketts (R)

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".

Cancels a CFPB rule requiring large payment apps to register for federal oversight.

Tradeoff

Blocks federal regulation of payment apps like Venmo and PayPal based on transaction volume. The CFPB had said nonbanks processing 50 million annual transactions must comply with consumer protection supervision.

What's in it

See official bill text

The Senate agreed to proceed to the resolution on March 4, 2025 by 50-47. It then passed the resolution on March 5, 2025 by 51-47. The House passed it on April 9, 2025 by 219-211, sending it to the President for signature.

  1. Senate

    Introduced

    (Feb 27, 2025)

  2. Senate

    Committee on Banking, Housing, and Urban Affairs(Feb 27, 2025)

  3. Senate

    Taken away from the Committee on Banking, Housing, and Urban Affairs

    Discharged by petition(Mar 4, 2025)

    A petition forced the committee to release the bill without acting on it.

  4. Senate

    On the

    Motion to Proceed to S.J. Res. 28

    Motion to Proceed Agreed to(Roll #103 · Mar 4, 2025)

    50 yeanay 47

  5. Senate

    On the Joint Resolution

    Joint Resolution Passed(Roll #106 · Mar 5, 2025)

    51 yeanay 47

  6. House

    Received from the Senate

    Received(Mar 10, 2025)

  7. House

    Passage of the bill

    Disappoving 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”

    Passed(Roll #95 · Apr 9, 2025)

    219 yeanay 211

  8. House

    Sent to the President

    (May 5, 2025)

  9. White House · Signature

    Signed

    Donald Trump (R)

  10. Enacted

    Became law(May 9, 2025)

Final passage· 119th Congress · 2025–2027