CFPB is reportedly trying to put Google under bank-like supervision

The Consumer Financial Protection Bureau (CFPB) is trying to bring Google under federal supervision; This is a move that could impose the same monitoring and controls applied to banks. Washington Post reports.

The CFPB’s concerns are not entirely clear, and the rankings may still change depending on the decision. to mailQuoted from two anonymous sources. Both the agency and Google declined to comment on the report. But a lot could change when President-elect Donald Trump takes office again in January and puts forward his own pick to lead the agency.

The CFPB was created in the wake of the 2008 financial crisis to protect consumers from unfair practices by financial institutions. CFPB Director Rohit Chopra, who already oversees more traditional financial businesses like banks. Tried to expand the agency’s activities It will include digital payment providers. There is a technology industry discussed in comments He said that would be an overly broad use of the agency’s authority. “This action has no legal basis, so Chopra is trying to invent one out of thin air — all while the clock is ticking on her leadership,” said Adam Kovacevich, CEO of the Google-backed industry group Chamber for Progress. reported movement.

While we don’t yet know what product the CFPB is focusing on, Google offers a digital wallet for users to store their credit cards and pay with their phones. The CFPB has received hundreds of customer complaints about unauthorized charges related to Google services in recent years. to mail.

Still, the financial industry appears to expect the CFPB’s more aggressive oversight moves to taper off significantly once the incoming Trump administration takes over. accordingly Reuters. Republicans have long expressed skepticism about the agency and Chopra’s authority to expand its scope. The reported move against Google could be one that could fall through the cracks of the transition period unless it is implemented before Inauguration Day.