The US House of Representatives has followed the Senate in voting to overturn a Consumer Financial Protection Bureau rule that would give the watchdog oversight of tech giants such as Apple, Google and X, that offer digital payment apps and wallets.
Voting along party lines, the House passed a Congressional Review Act resolution saying that “such rule shall have no force or effect”.
With the Senate and House both voting to ditch the rule, it now falls to President Trump to sign off on the change.
Finalised late last year, the CFPB rule is designed to ensure that the big nonbank players follow federal law just like large banks, credit unions, and others already under its supervision.
In addition to the likes of Google, Apple and PayPal, it would likely impact X, which has outlined plans to add payment services this year.
X owner Elon Musk has been leading the Trump administration’s charge against the CFPB through the Department of Government Efficiency (DOGE). Last month he posted “CFPB RIP” with a tombstone emoji on his site.
The CFPB had argued that the rule was necessary because the likes of Apple Pay and PayPal have gained significant market share in recent years without receiving the same regulatory scrutiny and oversight as traditional FS players.