WASHINGTON, D.C. – Over the weekend, President Donald Trump signed a congressional review act resolution introduced by U.S. Senator Pete Ricketts (R-NE) into law. The resolution nullifies a Biden-era rule governing digital payment applications from the Consumer Financial Protection Bureau (CFPB). This CFPB rule stifled innovation and made financial transactions more difficult. Now, it will be easier for consumers to send and receive money among family and friends.
“Following their election loss, the Biden-Harris CFPB rushed an eleventh-hour rule to attack non-bank digital consumer payment applications,” said Ricketts. “I am happy President Trump signed my resolution into law to reverse this regulation and support American consumers. These are widely popular applications among consumers. President Trump is continuing to pass common sense measures by reversing this Biden-era rule.”
