The resolution now heads to the President’s desk for signature.
WASHINGTON, D.C. – The Financial Technology Association (FTA) applauds the House of Representatives for passing a Congressional Review Act resolution overturning the Consumer Financial Protection Bureau’s (CFPB) harmful larger participant rule for digital consumer payments. The rule was overreaching and duplicative as payment companies are already regulated at the state and federal levels. As the Senate has already passed the resolution, S.J. Res. 28 now heads to the President’s desk for his signature.
“Today’s vote is a win for consumers, small businesses, and the future of financial innovation,” said Penny Lee, President and CEO of the Financial Technology Association. “We thank Congressman Mike Flood for championing this important resolution in partnership with Senator Pete Ricketts and look forward to the President signing it into law. As we move forward, we urge policymakers and regulators to focus on measures that advance competition, choice, and inclusion in financial services.”
To learn more, read FTA’s Future of Finance policy agenda, a roadmap for modernizing the U.S. financial system to promote responsible innovation, expand access to financial services, and ensure America remains the global leader in financial technology.
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The Financial Technology Association (FTA) is a network of fintech leaders shaping the future of finance. We champion the power of technology-driven financial services to catalyze innovation and advocate for modernized policies and regulations that reflect the digital transformation.