US
Us Congress Senate Bill SJR28

Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SJR28

Introduced
2/27/25  
Refer
2/27/25  

Caption

This 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.

Impact

By disapproving the CFPB's regulation, SJR28 could significantly alter the oversight of digital payment applications and the entities operating within that space. Supporters of the joint resolution argue that removing this regulation could alleviate burdens on businesses that do not fall under the defined larger participant category, allowing smaller companies to operate without the same level of scrutiny. Conversely, opponents warn that this move may weaken consumer protections and oversight in a rapidly evolving financial technology sector, potentially exposing consumers to greater risks.

Summary

SJR28 is a joint resolution introduced in the United States Congress that aims to disapprove a rule issued by the Bureau of Consumer Financial Protection (CFPB). This rule pertains to the definition of larger participants within the market of general-use digital consumer payment applications. Specifically, it categorizes nonbank entities with at least 50 million annual transactions as 'larger participants' and subjects them to supervisory authority under the CFPB. The resolution seeks to nullify this rule, effectively rendering it without force or effect, thereby impacting the regulatory landscape of digital consumer payment systems.

Sentiment

The sentiment surrounding SJR28 is mixed among various stakeholders. Proponents primarily from the business community and some political factions view the disapproval of the CFPB's rule as a necessary step towards reducing regulatory overreach and fostering innovation in the financial technology arena. However, consumer advocacy groups and some lawmakers express concern that this action may lead to diminished oversight, thereby compromising consumer rights and protections in digital transactions.

Contention

The key points of contention include the balance between fostering innovation within digital financial services against ensuring adequate consumer protection. Advocates for SJR28 emphasize the need for an unencumbered marketplace that encourages growth, while critics highlight the potential risks associated with a lack of regulatory oversight for larger market participants. The discussions surrounding the bill underscore a broader debate regarding the role of government in regulating emerging technologies and safeguarding consumer interests.

Latest SJR28 Activity

Companion Bills

US HJR64

Identical bill 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".

US HR282

Related bill Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions''; providing for consideration of the joint resolution (S.J. Res. 28) 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''; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.

US HR294

Related bill Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions"; providing for consideration of the joint resolution (S.J. Res. 28) 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"; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.

Previously Filed As

US HCR11

Providing for a joint session of Congress to receive a message from the President.

US SJR18

This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled Overdraft Lending: Very Large Financial Institutions and published on December 30, 2024. The rule revises provisions regarding charges for insufficient funds in a customer’s bank account (i.e., overdrafts) at very large financial institutions. Under the rule, these institutions must (1) cap overdraft charges at $5; (2) with justification, cap charges at a higher amount; or (3) handle overdrafts as credit and comply with applicable Truth in Lending Act disclosure requirements.

US SJR11

This joint resolution nullifies the final rule issued by the Bureau of Ocean Energy Management (BOEM) titled Protection of Marine Archaeological Resources and published on September 3, 2024. The rule requires operators and lessees conducting oil and gas exploration or development on the Outer Continental Shelf and that are seeking BOEM approval for such activities to also provide BOEM with an archaeological report for the area of potential effects. The report must identify potential archaeological resources (material remains of human life or activities that are at least 50 years old and that are of archaeological interest) on the sea floor. The rule modified regulations that only required such a report when a BOEM regional director has reason to believe that an archaeological resource may be present in the lease area. 

US HJR35

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Environmental Protection Agency relating to "Waste Emissions Charge for Petroleum and Natural Gas Systems: Procedures for Facilitating Compliance, Including Netting and Exemptions".

US HJR25

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".

US SCR1

This concurrent resolution reauthorizes the Joint Congressional Committee on Inaugural Ceremonies relating to the January 20, 2025, Presidential inauguration. The reauthorization is effective beginning January 3, 2025.The joint committee is authorized to make the necessary arrangements for the inauguration of the President-elect and the Vice President-elect of the United States, including using the Capitol rotunda and Emancipation Hall for such proceedings and ceremonies.The joint committee was established during the 118th Congress and consists of three Senators and three Members of the House of Representatives.

US SCR3

This concurrent resolution authorizes the Capitol rotunda to be used for the lying in state of the remains of Jimmy Carter, the 39th President of the United States. The lying in state shall take place from January 7, 2025, until January 9, 2025.

US SCR2

This concurrent resolution establishes the day, time, and manner for counting electoral votes for President and Vice President as January 6, 2025, at 1:00 pm. The concurrent resolution provides that the results of the count shall be delivered to the President of the Senate and entered on the journals of Congress.

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