Congress blocks CFPB oversight of Apple Pay, Google Pay, PayPal
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". · Filed by Pete Ricketts (R-NE) · 5 cosponsors · Introduced Feb 27, 2025 · Signed
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What it does
This joint resolution uses the Congressional Review Act to block a Consumer Financial Protection Bureau rule that would have expanded CFPB oversight to include large digital payment platforms (like Apple Pay, Google Pay, PayPal) by classifying them as 'larger participants' in consumer payment markets. The rule is now void and has no legal effect.
Why we flagged it
This is a Congressional Review Act disapproval resolution that uses the procedural mechanism of negation (disapproving a rule) to achieve deregulation. The CFPB rule itself was a regulatory expansion; disapproving it removes that expansion and leaves digital payment platforms outside CFPB jurisdiction.
What the text implies
- Digital payment platforms (Apple, Google, PayPal, Square, etc.) retain operational autonomy without CFPB examination authority, even as they handle sensitive consumer financial data and payment flows.
- Consumers using digital wallets and payment apps lose a potential avenue for complaint and redress through CFPB enforcement, which would have been available under the blocked rule.
The full analysis lists 4 implications of this text.
Who stands to gain
Large digital payment platforms (Apple, Google, PayPal, Square, Block, etc.); Fintech payment service providers; Tech companies operating consumer payment applications