🔺 Google pushes back against federal supervision of its payment arm The Consumer Financial Protection Bureau (CFPB) announced that it would place Google’s payment division under federal supervision, prompting Google to file a lawsuit to block this action. The supervision would subject Google to inspections similar to those conducted on major banks for potential legal violations. The CFPB recently finalized regulations extending its oversight to payment and digital wallet services, citing consumer complaints about Google’s handling of "allegedly erroneous transactions" and insufficient fraud prevention measures. Google's lawsuit contends that the CFPB's concerns are based on a limited number of unsubstantiated complaints regarding Google Pay, which was discontinued as a standalone app in the U.S. earlier this year. A Google spokesperson described the CFPB's actions as government overreach, asserting that the peer-to-peer payment service posed no risks. Additionally, there is speculation that the CFPB's decision could be reversed under a future Trump administration, which is set to take office in January. 💬 Source 📌 Powered by V3V Ventures