CFPB to Supervise Google's Payment Arm, Google Sues
The Consumer Financial Protection Bureau (CFPB) announced it will oversee Google's payment operations, subjecting them to the same scrutiny as major banks. Google has filed a lawsuit to block this move.
The CFPB's supervision stems from concerns about Google's handling of "erroneous transactions" and fraud prevention. This oversight doesn't imply wrongdoing but indicates potential consumer risks. See related tech news.
Google argues the CFPB's decision is based on a few unsubstantiated complaints regarding Google Pay, a service discontinued in the US. They consider this government overreach. Read about rising venture capital stars.
This action follows months of negotiations between the CFPB and Google. The outcome could be affected by the upcoming change in presidential administration. Learn about AI monitoring tools.