Patrick McHenryChairman

Washington, November 7, 2023 -

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to a notice of proposed rulemaking from the Consumer Financial Protection Bureau (CFPB) regarding digital wallets and payments applications that stretches the Bureau’s authority to eliminate consumer choice and stymie the development of innovative products and services.

“Digital payment applications are used by consumers every day,” said Chairman McHenry. “Congress and regulators must work toward a regulatory environment that embraces innovation in our payments system. The action announced by Director Chopra today is a step in the wrong direction. Consistent with the Bureau’s track record, this proposed rule will only entrench the status quo by impeding the adoption and development of innovative products and services. This paired with Director Chopra’s recent actions will only limit nonbanks’ ability to offer products and services consumers and small businesses rely on—eliminating choice and competition in our payments system. The CFPB is once again stretching its supervisory authority to the detriment of the consumers the agency was created to protect.”

###