Google sues Consumer Financial Protection Bureau
Source: CNN Business
Updated 7:09 PM EST, Fri December 6, 2024
CNN — Google sued the Consumer Financial Protection Bureau on Friday, challenging the agency’s decision to place Google’s payment division under federal supervision.
In a copy of the lawsuit provided by Google, the company said the CFPB’s supervision would be a “burdensome form of regulation” imposed based on a “small number of unsubstantiated user complaints.” The CFPB’s decision related to a Google peer-to-peer payment product no longer offered in the United States.
The lawsuit, filed in the US district court in Washington, DC, comes after the CFPB published an order announcing supervisory authority of Google Payment Corp. The agency alleged that Google’s handling of its payment products may pose a risk to consumers. The CFPB cited customer complaints, including that Google failed to properly investigate instances where money was transferred in error.
The legal fight between Google and the CFPB, the government agency founded to enforce consumer protection laws, comes amid a push by big tech companies, including Google, Apple and Samsung, into financial products. In a statement, Google spokesperson José Castañeda said Google’s payment products never posed a risk to users.
Read more: https://www.cnn.com/2024/12/06/business/google-pay-lawsuit-cfpb/index.html