The Financial Technology Association (FTA) welcomed the House’s decision to pass the Congressional Review Act resolution overturning the Consumer Financial Protection Bureau’s (CFPB) rule for digital consumer payments.
As the Senate has already passed the resolution, SJ Res. 28 now heads to the President’s desk for his signature.
The FTA described the rule as “harmful” and duplicative as payment firms are already regulated at the state and federal level.
“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.”