Should Congress repeal the CFPB’s rule that would increase oversight of major digital payment platforms?

Economy and Taxation
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" (S.J.Res. 28)
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Bill Summary

S.J. Res. 28 is a congressional resolution nullifying a rule issued by the Bureau of Consumer Financial Protection (CFPB) that sought to define larger participants in the market for general-use digital consumer payment applications. The CFPB’s rule aimed to establish regulatory oversight over major digital payment platforms, such as PayPal, Venmo, or Cash App. By passing this resolution, Congress prevents the rule from taking effect, meaning large digital payment platforms will not face additional federal scrutiny or oversight. This decision maintains the current regulatory framework for digital payment services. Sponsor: Sen. Pete Ricketts (Republican, Nebraska)
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Opponents say

•      "The Consumer Financial Protection Bureau (CFPB) issues this rule to define larger participants of a market for general-use digital consumer payment applications. Larger participants of this market will be subject to the CFPB's supervisory authority under the Consumer Financial Protection Act (CFPA). A nonbank covered person qualifies as a larger participant if it facilitates an annual covered consumer payment transaction volume of at least 50 million transactions, as defined in the rule, and it is not a small business concern. " Source: The Federal Register of the Rule

Proponents say

•      "The U.S. Chamber of Commerce supports S.J.Res.28, 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" (the “Rule”).  The Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) Rule moves to subject certain technology companies to the Bureau’s supervision. The Rule will stifle innovation and limit the availability of new financial products, including those offered by emerging financial technology companies, oftentimes called “fintechs.” Consumers are increasingly eager to use new forms of digital payments that make financial transactions easier. Digital payments have become particularly important to web-based retail businesses and online commerce. Additionally, consumers increasingly use peer-to-peer payment applications to send money to family and friends. The Rule will create significant compliance costs and uncertainty for certain fintech companies by subjecting them to the CFPB’s supervision. The Rule significantly expands the Bureau’s reach for technology companies not solely focused on payments by claiming the CFPB can supervise any business line accepting payments. This will create significant uncertainty, especially for diversified technology companies." Source: US Chamber of Commerce 

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