Consumer watchdog halts Biden-era CFPB Google Payments supervision, Bloomberg News reports

Consumer watchdog halts Biden-era CFPB Google Payments supervision, Bloomberg News reports

Reuters | May 9, 2025 | 12:35 AM IST | Breaking News, Business, Technology, World | Follow on Google News

Consumer watchdog halts Biden-era CFPB Google Payments supervision, Bloomberg News reports

May 8 (Reuters) – The Consumer Financial Protection Bureau discontinued its order designating the supervision of Alphabet’s (GOOGL.O) Google Payment Corp, reversing a Biden-era decision to monitor the nonbank financial platform, Bloomberg News reported on Thursday.

The supervision of Google Payment would be “an unwarranted use of the Bureau’s powers and resources,” acting CFPB director Russell Vought, who was appointed by U.S. President Donald Trump, said in a May 7 memo, according to the report.

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Google did not immediately respond to a Reuters request for comment.

The watchdog announced in December that it was ordering federal supervision of Alphabet’s payment arm, a decision the company immediately said it was challenging in court.

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In December, the CFPB announced the step, saying it had determined services offered by Google Payment had posed a risk to consumers.

(Except for the headline, this story has not been edited by VoM News staff and is published from the syndicated feed)

Reuters