CFPB Orders Google Payment Supervision, Cites Consumer Risks

The Consumer Financial Protection Bureau has ordered federal supervision of Google Payment Corp., citing legal requirements for oversight and consumer risks tied to Google Pay. This follows a recent CFPB rule enabling the supervision of digital payment apps. The CFPB alleges Google mishandled erroneous transactions and failed to adequately address fraud, based on consumer complaints. Google has filed a lawsuit challenging the decision, calling it government overreach.