{"id":646274,"date":"2024-12-08T13:00:30","date_gmt":"2024-12-08T10:00:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/google-pushes-back-against-federal-supervision-of-its-payment-arm\/"},"modified":"2024-12-08T13:00:30","modified_gmt":"2024-12-08T10:00:30","slug":"google-pushes-back-against-federal-supervision-of-its-payment-arm","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/google-pushes-back-against-federal-supervision-of-its-payment-arm\/","title":{"rendered":"#Google pushes back against federal supervision of its payment arm"},"content":{"rendered":"
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The Consumer Financial Protection Bureau announced Friday<\/a> that it was placing Google\u2019s payment arm under federal supervision. In response, Google filed a lawsuit seeking to block the move.<\/p>\n

Such supervision would subject Google to the same inspections that the bureau conducts with major banks and other financial institutions for potential violations of the law. The CFPB recently finalized regulations<\/a> that brought payments and digital wallet services under its purview.<\/p>\n

The CFPB\u2019s announcement acknowledged that Google was disputing the designation. The bureau said that placing a company under supervision \u201cdoes not<\/em> constitute a finding that the entity has engaged in wrongdoing,\u201d but it does indicate that the company poses \u201crisks to consumers.\u201d<\/p>\n

In this case, the bureau cited complaints that Google had not adequately investigated or explained \u201callegedly erroneous transactions,\u201d and that the company failed to take reasonable steps to prevent fraud.<\/p>\n

This follows earlier reporting that the CFPB had been negotiating with Google for months.<\/p>\n

Reuters reports<\/a> that Google\u2019s lawsuit argued that the CFPB was relying on a small number of unsubstantiated complaints about Google Pay, which was discontinued as a standalone app<\/a> in the United States earlier this year.<\/p>\n

\u201cThis is a clear case of government overreach involving Google Pay peer-to-peer payments, which never raised risks and is no longer provided<\/a> in the U.S., and we are challenging it in court,\u201d a Google spokesperson said in a statement.<\/p>\n

Regardless of how Google\u2019s lawsuit plays out in court, the CFPB\u2019s decision might also be reversed after the Donald\u2019s Trump\u2019s presidential administration takes over in January.<\/p>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Consumer Financial Protection Bureau announced Friday that it was placing Google\u2019s payment arm under federal supervision. In response, Google filed a lawsuit seeking to block the move. Such supervision would subject Google to the same inspections that the bureau conducts with major banks and other financial institutions for potential violations of the law. The…<\/p>\n","protected":false},"author":1,"featured_media":646275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2024\/12\/GettyImages-2186206744.jpg?w=1024","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[76556,121000,26293,151537],"class_list":["post-646274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-fintech","tag-consumer-financial-protection-bureau","tag-google","tag-government-policy"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/646274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=646274"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/646274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/646275"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=646274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=646274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=646274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}