WASHINGTON, D.C. – The Financial Technology Association (FTA) issued a statement applauding President Trump for signing into law a Congressional Review Act resolution overturning the Consumer Financial Protection Bureau’s harmful larger participant rule for digital consumer payments:
“Today marks a decisive victory for American consumers, small businesses, and financial innovation,” said Penny Lee, President and CEO of the Financial Technology Association. “We applaud President Trump for taking action against regulatory overreach and protecting the future of U.S. competitiveness. This action stops a harmful rule that would have raised costs, limited choice, and stifled innovation in digital payments. Thanks to the efforts of Senator Pete Ricketts and Congressman Mike Flood, America can continue leading the world in payment technology. But, our work doesn’t stop here. We urge policymakers to modernize our payments system further by advancing pro-innovation policies that deliver faster, cheaper, and more efficient payments for all Americans and small businesses.”
FTA previously advocated for Congress to overturn the digital payments rule, which was duplicative and overreaching, as payment companies are already regulated at the state and federal levels. To learn more about FTA’s vision for the future of payments, click here.
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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.