Friday, 9 May, 2025

CFPB Ends Oversight of Google Payment Corp; Google Withdraws Lawsuit

The U.S. Consumer Financial Protection Bureau (CFPB) has ceased its efforts to supervise Alphabet's Google Payment Corp, reversing a Biden-era initiative aimed at increasing oversight of nonbank financial services. Acting CFPB Director Russell Vought, appointed by former President Trump, deemed the supervision an unwarranted use of resources. Google welcomed the decision, noting that the targeted peer-to-peer payment service was discontinued in June 2024.