Senate Votes to Repeal Biden-Era CFPB Digital Payments Rule

A Consumer Financial Protection Bureau rule targeting digital payment platforms run by Apple Inc., Alphabet Inc.'s Google, and Meta Platforms Inc.'s Facebook is one step closer to repeal after the Senate voted to eliminate it.

The Senate on Wednesday voted 51-47 to abolish the CFPB’s “larger participant” rule for digital payment companies using the Congressional Review Act. Sen. Pete Ricketts (R-Neb.) introduced the disapproval resolution (S. J. Res. 28) last week. Sen. Josh Hawley (R-Mo.) joined with Democrats opposing the measure.

The CFPB’s rule, finalized in November, is meant to allow agency examiners to determine whether the ...