US regulator places Google Payment under supervision, company sues
The Consumer Financial Protection Bureau announced the step saying it had determined services offered by Google Payment had posed a risk to consumers.
The regulator's step and the subsequent lawsuit marked a government tussle with a Silicon Valley behemoth in the final weeks of President Joe Biden's administration. The regulator's move could be reversed after President-elect Donald Trump returns to the White House in January.
Under Biden, the CFPB has been more closely scrutinizing the growing sector of financial services provided by Silicon Valley rather than traditional banks.
The agency cited nearly 300 consumer complaints, many of which concerned reports of fraud, scams and unauthorized transactions. It said it did constitute a finding that the company had engaged in wrongdoing.
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