Congressmen Flood, McHenry, and Hill Urge CFPB to Revisit Digital Consumer Payment Proposed Rule

WASHINGTON, D.C. – Today, U.S. Congressman Mike Flood, alongsideChairman of the House Financial Services Committee, Rep. Patrick McHenry (NC-10), and Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee, Rep. French Hill (AR-02) sent a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra regarding the Bureau’s proposed rule “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications.” 

The lawmakers are urging the CFPB to reopen and extend the public comment period—as well as reconsider finalizing the rule as currently proposed—given its insufficient justification, unclear guidance regarding third-party service providers, unknown effects on the digital asset ecosystem, and an inadequate comment period.

“Given the proposed rule’s wide sweeping implications and existing ambiguities, the comment period should be reopened for an additional 60 days. This would ensure that the Bureau receives substantive input from a wide array of stakeholders before moving forward with this rule. As it currently stands, this rule would introduce more regulatory uncertainty into the payment industry, particularly with respect to third-party service providers and digital asset companies. It's imperative that the Bureau avoids advancing the rule in its current form,” said the Congressmen.

You can read the full letter to Director Chopra here.