Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications

Document 2024-27836 is a Final Rule published by the Consumer Financial Protection Bureau in the Federal Register on December 10, 2024, with an effective date of January 9, 2025. The Consumer Financial Protection Bureau (CFPB) issues this rule to define larger participants of a market for general-use digital consumer payment applications. Larger participants of this market will be subject to the CFPB's supervisory authority under the Consumer Financial Protection Act (CFPA). A nonbank covered person qualifies as a larger participant if it facilitates an annual covered consumer payment transaction volume of at least 50 million transactions as defined in the rule, and it is not a small business concern. View the original at https://www.federalregister.gov/documents/2024/12/10/2024-27836/defining-larger-participants-of-a-market-for-general-use-digital-consumer-payment-applications.

No. Document 2024-27836 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.