s, etc.). Any firms seeking to dispute the “larger participant” status (and CFPB supervisory jurisdiction over their firm) would have 45 days to provide documentary evidence to the CFPB that they are not “larger participants” under the rule. For example, firms could provide data that they are “small business concerns” or data showing that they have fewer than five million “annual covered consumer payment transactions” in accordance with the market-related definitions of “consumer payment transactions,” “covered payment functionality,” “general use,” and “digital application.”The CFPB has requested comment on all aspects of the proposed rule with a deadline of January 8, 2024. Because of the challenges inherent in rebutting a “larger participant” determination, the comment period represents the best remaining window for firms to express concerns and offer suggested changes.Endnotes[1] CFPB, “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications” 88 Fed. Reg. 80,197 (Nov. 17, 2023) (Proposed Rule).[2] Press Release, “CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps” (Nov. 7, 2023) (Larger Participant Rule Press Release).[3] Agustín Carstens et al., “Regulating Big Techs in Finance” BIS, BIS Bulletin, no. 45 (2021), p. 7.[4] CFPB, “Prepared Remarks of CFPB Director Rohit Chopra at the Brookings Institution Event on Payments in a Digital Century” (Oct. 6, 2024).[5] Id.[6] See Larger Participant Rule Press Release.[7] Press Release, “CFPB Orders Tech Giants to Turn Over Information on their Payment System Plans” (Oct. 21, 2021).[8] CFPB, “The Convergence of Payments and Commerce: Implications for Consumers” (Aug. 4, 2022).[9] CFPB, “Big Tech’s Role in Contactless Payments: Analysis of Mobile Device Operating Systems and Tap-to-Pay Practices” (Sept. 7, 2023).[10] See 12 U.S.C. 5514(a)(1)(B), (a)(2).[11] See 77 Fed. Reg. 42,874, 42,880 (July 20, 2012).[12] Id.[13] If a nonbank covered person provides a