Mike Flood: “I thank Chairman Hill for his attentiveness to this issue, and I thank my colleague in the Senate, my co-lead, Senator…”

“I thank Chairman Hill for his attentiveness to this issue, and I thank my colleague in the Senate, my co-lead, Senator Pete Ricketts from Nebraska, for championing this effort and getting the resolution through the U.S. Senate in record time, in less than a week. He beat us to it. There are a lot of reasons to support this resolution eliminating the larger participant rulemaking from the CFPB. Number one--think about this--the CFPB finalized this rule in the eleventh hour in January days before the transfer of power, well after other agencies stopped their rulemaking. Number two, the rule itself is effectively a regulatory power grab by the CFPB's outgoing Biden nominee, Mr. Chopra. By designating companies engaged in payments activities as larger participants, the Bureau will get to expand their examination authority over an amorphous and ill- defined group of firms with payment tools. Given their track record, I think it is fair to say that we should not be supporting greater exam reach of the CFPB. I don't want our concerns to remain abstract. Let's take a look at some of the practical effects that CFPB examination would have over these payment firms. First, let's take a look at some of the problems with how the rule actually distinguishes who is and is not a larger participant in payments. The rule does not only apply to tools where consumers are using wallets to exchange funds on a peer-to-peer basis.…”