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Congress could overturn rule that treats payment apps like Venmo as banks

Summary by Straight Arrow News
Two Republicans are trying to overturn a federal regulation that requires payment apps like Venmo to follow the same rules as banks. To nullify the rule, Congress must pass a resolution and have it signed by the president. The rule was approved in the final weeks of the Biden administration by the Consumer Financial Protection Bureau. Unless the rule is overturned, the payment companies will be held to the same standard as banks and credit union…

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Straight Arrow NewsStraight Arrow News

Congress could overturn rule that treats payment apps like Venmo as banks

Two Republicans are trying to overturn a federal regulation that requires payment apps like Venmo to follow the same rules as banks. To nullify the rule, Congress must pass a resolution and have it signed by the president. The rule was approved in the final weeks of the Biden administration by the Consumer Financial Protection Bureau. Unless the rule is overturned, the payment companies will be held to the same standard as banks and credit union…

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At a February 26 mark-up, the House Ways and Means Committee voted 26-16 to advance Rep. Mike Carey’s (R-Ohio) resolution of disapproval to overturn the IRS’s broker rule on decentralized finance, known as “DeFi.” Earlier in the week, Americans for Tax Reform led a coalition of 18 center-right groups in a letter calling on Congress to overturn this intrusive new rule attacking cryptocurrencies. The rule expands the definition of a broker to incl…

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Wagner, Hill, Cotton, Scott and Colleagues to Uyeda: Review Approach to Consolidated Audit Trail

Washington, D.C. – Capital Markets Subcommittee Chair Ann Wagner (R-MO), House Financial Services Committee Chairman French Hill (R-AR), … Full story here. More Sen. Cotton News Published by wagner.house.gov The post Wagner, Hill, Cotton, Scott and Colleagues to Uyeda: Review Approach to Consolidated Audit Trail appeared first on Quorum Call.

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atr.org broke the news in on Friday, February 28, 2025.
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