Google Sues CFPB After Agency Places Google Payment Under Federal Supervision

Dec 6, 2024, 11:32 PM

The Consumer Financial Protection Bureau (CFPB) has placed Google Payment Corp under federal supervision, extending its oversight of nonbank financial platforms and digital consumer payment applications. This move, announced on Friday, subjects Google Payment to the same level of regulatory scrutiny typically imposed on major banks, including regular inspections and rigorous monitoring. It represents a significant step for outgoing Director Rohit Chopra. In response, Google has filed a lawsuit against the CFPB, challenging the agency's decision to establish supervisory authority over its payment operations.