Congress payments and fintech laws

What it would do: Requires earned wage access providers to offer no-cost access to earned wages, make detailed disclosures about limits, fees, and tips, allow free cancellation, prohibit debt collection and credit reporting, and comply with non-discrimination requirements.

What it would do: Amends the Expedited Funds Availability Act to allow depository institutions to delay funds availability for checks when they have reasonable suspicion of fraud, for wire transfers suspected of fraud, and for accounts with greater fraud risk circumstances, up to 60 days per occurrence.

What it would do: Prohibits payment card networks and covered entities from requiring or assigning merchant category codes that distinguish firearms retailers from general-merchandise or sporting-goods retailers. Authorizes the Attorney General to investigate violations and seek injunctions, with annual reporting to Congress.

What it would do: Congress disapproves the Bureau of Consumer Financial Protection's rule withdrawing Consumer Financial Protection Circular 2024-02 on deceptive marketing practices about remittance transfer speed or cost, rendering that withdrawal rule void.

What it would do: Congress disapproves the Bureau of Consumer Financial Protection's rule withdrawing its Truth in Lending (Regulation Z) rule on digital user accounts for Buy Now, Pay Later loans, rendering that withdrawal rule void and without force or effect.

What it would do: Expands Secret Service authority to investigate crimes involving digital asset transactions, money laundering, and structured transactions. Extends FinCEN record retention from 5 to 10 years and increases international financial institution reporting requirements from 6 to 10 years.

What it would do: Requires the Federal Reserve Board, Comptroller of the Currency, and FDIC to study how fintech-banking partnerships can support new bank formation and community bank health, and to report findings and recommendations to Congress within 6 months of enactment.

What it would do: Establishes a regulatory framework for digital commodities under the Commodity Futures Trading Commission, defining digital commodity exchanges, brokers, and dealers, and requiring their registration within 90 days of an expedited process adoption.

What it would do: Establishes federal regulation of payment stablecoins, permitting only approved issuers (insured depository institution subsidiaries, federal-qualified nonbank issuers, or state-qualified issuers) to issue them, with requirements for 1:1 reserve backing, monthly disclosures, and prohibits unauthorized issuance after 2 years.

What it would do: Establishes a federal regulatory framework for payment stablecoins issued by approved entities, requiring 1:1 backing with specified reserves, monthly public disclosure, and compliance with anti-money laundering and sanctions laws. Permits state-level regulation for issuers under $10 billion in outstanding issuance.

What it would do: Amends federal fraud statutes to enhance penalties for gift card fraud, including up to 30 years imprisonment for offenses involving over 1,000 counterfeit or unauthorized access devices, and adds a mandatory 2-year consecutive sentence enhancement for fraud crimes knowingly committed against persons over age 60.

What it would do: Authorizes financial institutions to delay or refuse transactions for up to 55 days (extendable to 85 days) if they reasonably believe financial exploitation of older adults, vulnerable persons, or fraud victims is occurring, and requires notification to authorities and account parties within two business days.

What it would do: Requires the Federal Reserve, Comptroller of the Currency, and FDIC to study bank-fintech partnerships and their impact on banking, competition, and innovation, and to recommend regulatory changes. Also requires the National Credit Union Administration to conduct a similar study on credit union-fintech partnerships. Both agencies must report findings within one year.

What it would do: Requires digital asset kiosk operators to register locations with Treasury, submit updates every 90 days, and comply with anti-money laundering programs, transaction limits of $2,000 daily for new customers and $10,000 total, customer disclosures, fraud warnings, and refunds for fraudulently induced transactions.

What it would do: Amends the Truth in Lending Act to include buy now, pay later loans and their issuers within the definitions of credit card and credit issuer. Requires the Bureau of Consumer Financial Protection to issue rules within 180 days applying credit card regulations to buy now, pay later loan issuers.

What it would do: Increases the excise tax on remittance transfers from 1 percent to 25 percent, removes certain limitations on the tax, and creates a refundable tax credit allowing U.S. citizens to claim back excise taxes paid on remittance transfers for business or travel purposes.

What it would do: Prohibits money services businesses, as defined in 31 CFR 1010.100, from engaging in any transaction, directly or indirectly, involving a central bank digital currency issued by the People's Republic of China.

What it would do: Requires insured depository institutions and credit unions to verify that individuals opening accounts are lawfully present in the United States using specified documents, and to freeze or close accounts of those not lawfully present after a grace period.

What it would do: Prohibits the Secretary of Defense from contracting with retailers using payment processing equipment, systems, or services developed or controlled by China, Russia, Iran, North Korea, or other countries designated as national security risks, effective January 1, 2027.

What it would do: Prohibits making Buy Now, Pay Later loans for semiautomatic assault weapon purchases and prohibits dealers from accepting such loans. Imposes $100,000 civil penalties per violation enforced by the Attorney General.

What it would do: Congress disapproves the Bureau of Consumer Financial Protection's rule withdrawing Consumer Financial Protection Circular 2024-02 on deceptive marketing practices about remittance transfer speed or cost, rendering that withdrawal rule void.

What it would do: Establishes federal registration system for payment service providers with state licenses or charters, requiring them to maintain reserves backing payment obligations and comply with capital, liquidity, and fair access standards under Comptroller oversight.

What it would do: Amends the Food and Nutrition Act of 2008 to require the Secretary to promulgate cybersecurity regulations for EBT cards, including chip-enabled card requirements, mobile-friendly user interfaces, transaction monitoring, and online security measures, with state reimbursement for upgrade costs and retailer requirements for chip-enabled payment terminals.

What it would do: Amends section 5316 of title 31 to require reports filed at least 72 hours before monetary instruments or currency leave the United States if transported by aliens who are nationals of certain designated countries, state sponsors of terrorism, or high-risk countries identified by the State Department, and requires detailed information about the transporter, beneficiary, and funding source.

What it would do: Amends 18 U.S.C. section 1960(a) to add that whoever knowingly exercises control over currency, funds, or other value that substitutes for currency is subject to the statute's requirements.