SBE Council Statement of Support for S.J. Res 28

By SBE Council at 31 March, 2025, 12:26 pm

The Small Business & Entrepreneurship Council (SBE Council) strongly supports S.J.Res 28, a resolution to nullify the Consumer Financial Protection Bureau (CFPB) rule - ''Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications." The following statement of support for S.J. Res. 28 can be attributed to SBE Council President & CEO Karen Kerrigan:

"The CFPB's expansive rulemaking is unwarranted and threatens the convenience and efficiency of online payment tools for consumers and small businesses. Our recent 'tech tools' survey finds, for example, that 94% of small business owners report that express checkout tools increase the success, competitiveness, and growth of their businesses. The convenience and efficiency of online payments - like express checkout - are valued by consumers, and allow small businesses to better compete with bigger businesses. The CFPB's unnecessary regulation is clearly an overreach, as regulators failed to identify consequential problems. On the other hand, the benefits and gains for consumers and small businesses are significant. SBE Council strongly supports the passage of S.J.Res. 28, as nullification of the unprovoked rule will preserve the benefits of online payments for small businesses and encourage more innovation in the payments area moving forward."

Related Content:

Express Checkout Payments Popular with Small Businesses and Consumers, Small Business Insider (March 2025)

Regulators Need to More Thoroughly Checkout the Costs, Consequences and Necessity of Their Proposed Rules, Small Business Insider (June 11, 2024)