What it does
SourcedThis joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications and published on December 10, 2024. The rule defines larger participants in the general-use digital consumer payment application market (i.e., payment apps) that are subject to CFPB supervisory authority. The rule defines larger participants in this market as nonbanks (1) with an annual volume of at least 50 million transactions, and (2) that are not small business concerns.
Official summary by the Congressional Research Service (Public Law, May 9, 2025).
Our plain-language breakdown, with what it means for you and the case for and against, is written once a bill starts to move.
What has happened
Sourced- 2025-05-09Became Public Law No: 119-11.Library of Congress
- 2025-05-09Signed by President.Library of Congress
- 2025-05-05Presented to President.Library of Congress
- 2025-04-09Passed/agreed to in House: On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514: 2) Roll call recordLibrary of Congress
- 2025-03-05Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 51 - 47. Record Vote Number: 106. Roll call recordLibrary of Congress
- 2025-02-27Introduced in SenateLibrary of Congress
After it became law
SourcedSince it became law on May 9, 2025, the Federal Register, the government's daily record of rules and notices, has published 4 documents that name it: 4 proposed rules.
Named in the body of the document
The quote shows how each one uses the law: as the reason for a change, as background, or in passing.
- Defining Larger Participants of the Consumer Debt Collection Market
S.J.Res.28--119th Congress (2025- 2026), Public Law 119-11; see also 5 U.S.C. 801 et seq.
- Defining Larger Participants of the International Money Transfer Market
28--119th Congress (2025-2026), Public Law 119-11; see also 5 U.S.C. 801 et seq.
- Defining Larger Participants of the Automobile Financing Market
28--119th Congress (2025- 2026), Public Law 119-11; see also 5 U.S.C. 801 et seq.
- Defining Larger Participants of the Consumer Reporting Market
S.J.Res.28--119th Congress (2025- 2026), Public Law 119-11; see also 5 U.S.C. 801 et seq.
Found by searching the Federal Register for Public Law 119-11 and the law's names, then reading each document: every one listed contains them, and the quote is its own words. An agency can carry out a law without naming it, so this list can miss some. Checked Oct 27, 2026. Every new law's rules
Recorded votes
SourcedMar 4, 2025 · Senate roll call 103 · needed 1/2
On the Motion to Proceed: Motion to Proceed Agreed to 50–47
R 50 yes, 1 no, 2 present or not votingI 0 yes, 2 noD 0 yes, 44 no, 1 present or not voting
Mar 5, 2025 · Senate roll call 106 · needed 1/2
On the Joint Resolution: Joint Resolution Passed 51–47
R 51 yes, 1 no, 1 present or not votingI 0 yes, 2 noD 0 yes, 44 no, 1 present or not voting
Apr 9, 2025 · House roll call 95 · needed 1/2
On Passage: Passed 219–211
R 219 yes, 0 no, 1 present or not votingD 0 yes, 211 no, 2 present or not voting
Cosponsors
- Jim Banks R-IN
- Ted Budd R-NC
- Deb Fischer R-NE
- Bill Hagerty R-TN
- Tim Scott R-SC