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Nonbanks would move more fully to offer banking services; the banks would maintain at least some revenue streams that are used to fund other parts of the business, expanding credit and even basic financial services and beefing up fraud defenses.
As PYMNTS reported, the Senate voted Wednesday to approve a joint resolution disapproving of the “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications” rule submitted by the CFPB. That action requires House approval — and approval would render the rule essentially null and void.
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