On March 5, 2025, the Senate issued a joint resolution (S.J.Res. 28) disapproving the rule submitted by the CFPB relating to “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications”. The CFPB finalized the rule in November 2024 which aimed to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps.

The House of Representatives has also introduced a related bill which is currently under consideration by a committee. Should the House resolution secure a majority vote and subsequently receive the president’s endorsement, the regulation enacted by theCFPB will be invalidated, and the Bureau will be prohibited from issuing any future regulations that are substantially similar in nature.

S.J.Res. 28 can be accessed here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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