US Federal Senate Bill SJR28

US Federal 2025-2026 Regular Session

• Introduced: 2/27/25
• Refer: 2/27/25
• Engrossed: 3/10/25
• Enrolled: 5/5/25
• Passed: 5/9/25
• Chaptered: 5/9/25

Caption

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".

Summary

SJR28 is a congressional disapproval resolution under the Congressional Review Act. It nullifies a final rule issued by the Consumer Financial Protection Bureau (CFPB) titled “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications.” By approving the resolution, Congress blocked the CFPB rule from taking effect and declared that it shall have no force or effect. The underlying CFPB rule would have defined which companies qualify as “larger participants” in the market for general-use digital consumer payment applications, a step that typically determines which firms are subject to CFPB supervision and oversight. Because SJR28 was enacted as Public Law 119-11, it prevents that regulatory framework from being implemented and leaves the affected digital payment app market without the new CFPB larger-participant designation established by the rule.

Impact

The bill directly affects federal consumer financial regulation by overturning a CFPB rule and preventing it from changing supervision standards for digital payment application providers. It does not amend state law, but it changes the federal regulatory landscape for payment apps, fintech firms, digital wallets, and other general-use consumer payment platforms that might have been covered by the rule. The practical effect is to limit CFPB authority over the identified market segment under that specific rule and preserve the status quo unless Congress or the agency acts again.

Sentiment

The vote history suggests the resolution was politically contentious but ultimately successful. It passed the Senate by narrow margins on both the motion to proceed and final passage, and it also passed the House by a relatively close vote, indicating significant partisan division. The absence of committee discussion in the provided record means the available evidence points mainly to a divided but sufficient majority in favor of disapproving the CFPB rule.

Contention

The main point of contention was whether the CFPB should be allowed to implement its rule defining larger participants in the digital consumer payment applications market. Supporters of the resolution likely viewed the rule as an expansion of federal oversight or an overreach into the fintech and payments sector, while opponents likely favored the CFPB’s effort to clarify supervision of major payment app providers. The close roll-call votes in both chambers indicate disagreement over consumer protection, regulatory scope, and the treatment of digital payment platforms.