Rep. Tim Moore on Overturning CFPB Rule Targeting Digital Payment Applications

Regulatory Overreach in Digital Payments

• 🎯 Rep. Tim Moore argues that S joint resolution 28 aims to overturn a CFPB final rule targeting larger participants in general use digital consumer payment applications.
• ⚠️ The rule is described as a textbook case of regulatory overreach, stemming from a flawed process and an overly broad approach.

Flawed CFPB Rulemaking

• 🧩 The CFPB's rule is criticized for blurring distinctions between different products and services in the digital economy.
• 🚫 Instead of a thoughtful, tailored approach, the CFPB opted for a sweeping rule that treats all digital payment services as if they are the same, ignoring critical differences.
• 📈 Regulators who fail to distinguish fundamentally different products risk, and often guarantee, getting it wrong.

Need for Thoughtful Oversight

• 💡 The digital economy is too important and evolving for blanket policies built on vague definitions and rough processes.
• 🛠️ There is a need for thoughtful, targeted oversight that reflects reality, rather than a one-size-fits-all mandate that could do more harm than good.
• 👏 Moore thanks Congressman Flood and Chairman Hill for their work and urges colleagues to support the resolution.