Summary of HJRES 64 – Disapproving the CFPB Rule on Larger Participants in the Market for General-Use Digital Consumer Payment Applications

Overview

HJRES 64 is a House joint resolution introduced on February 27, 2025, that seeks to disapprove and nullify the Bureau of Consumer Financial Protection (CFPB) final rule titled “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications.” The rule at issue is published as 89 Fed. Reg. 99582 (December 10, 2024). If enacted, the resolution would have no force or effect on the rule.

What the bill does

• Disapproves the CFPB final rule defining “larger participants” in the market for general-use digital consumer payment applications.
• Declares that the rule shall have no force or effect.
• Operates under the Congressional Review Act framework, whereby a joint resolution of disapproval prevents the rule from taking effect and blocks its enforcement.

Background and purpose

• The CFPB final rule sought to establish a supervisory/overseeing category (“larger participants”) for certain providers of general-use digital payment apps. The objective of such a rule would typically be to identify and regulate larger-market participants to ensure consumer protection and systemic risk management.
• HJRES 64 expresses Congress’s disapproval of that regulatory approach and aims to prevent the rule from impacting regulated entities or the market.

Key provisions and changes

• The bill itself does not amend existing law beyond disapproving the specific CFPB rule.
• If enacted, the rule would not take effect and CFPB enforcement under that rule would not occur.
• The disapproval acts as a legislative check on new CFPB authority in this particular area, at least with respect to the rule in question.

Affected parties and impacts

• Primary impact: CFPB-regulated entities and potential market participants in the general-use digital consumer payment app space (e.g., certain fintechs and wallet providers).
• Consumers could be indirectly affected by the absence of this specific rule, depending on how other regulations apply to digital payment platforms.

Legislative and procedural timeline

• Introduced: February 27, 2025.
• Status: Referred to the House Committee on Financial Services; introduced in the House.
• Related legislation: Companion Senate bill SJRES 28 (noted as related).

Related context

• This resolution is part of a broader use of the Congressional Review Act to disapprove federal agency rules. If both chambers pass the joint resolution and it is signed by the President, the targeted rule becomes void with no enforcement.