NEGATIVE Money in Politics & Finance 119th Congress

S.J.Res.28 CRA: CFPB Digital Payment Apps Rule

Overturns CFPB supervisory authority over large digital payment apps like Venmo and Cash App, removing consumer protections (119th Congress)

View on Congress.gov

Legal & Constitutional Grounding

CFPB rule protects consumers in $2T digital payment market under 12 USC 5514; documented unauthorized transactions justify oversight.

12 U.S.C. § 5514 — Consumer Financial Protection Act: CFPB supervisory authority over nonbank financial companies

CFPB Report (2024): $2 trillion in digital payment transactions annually; documented unauthorized transactions and data breaches
5 U.S.C. § 801 — Congressional Review Act disapproval mechanism

CRA to block CFPB digital payment consumer protections. The CFPB rule protects consumers in the $2 trillion digital payment market from documented unauthorized transactions and data breaches.