Google Challenges CFPB's Supervision Order in Court
Google is challenging the Consumer Financial Protection Bureau's decision to place its payment arm under federal supervision, arguing that the move is based on unsubstantiated complaints about Google Pay, which is no longer available as a standalone app in the U.S. The CFPB's supervision would subject Google to inspections similar to those for major banks, citing risks to consumers due to alleged inadequate handling of erroneous transactions and fraud prevention. Google's lawsuit claims this is government overreach, and the outcome may change with the upcoming presidential administration.