Congressman Flood and Chairman McHenry Lead Letter Urging CFPB to Extend Comment Period for Larger Participants Rule

WASHINGTON, D.C. – Today, Congressman Mike Flood and Financial Services Committee Chairman Patrick McHenry led 18 of their colleagues on a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra requesting an extension of the comment period for the proposed rulemaking entitled, “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications.”

“Innovation is the driving engine of the American economy and the proposed rulemaking’s broad scope will have significant consequences on the ability for nonbank firms to offer innovative products and services and for consumers to benefit from competition in the market,” the Members of Congress wrote. “Given the breadth of the proposal and ambiguity regarding its applicability, we urge the Bureau to extend the comment period for an additional 30 days. This additional time will give market participants the opportunity to provide comprehensive feedback.”

A copy of the full letter can be found by clicking here.