The Consumer Financial Protection Bureau has ordered federal supervision of Google Payment Corp., citing legal requirements for oversight and consumer risks tied to Google Pay. This follows a recent CFPB rule enabling the supervision of digital payment apps. The CFPB alleges Google mishandled erroneous transactions and failed to adequately address fraud, based on consumer complaints. Google has filed a lawsuit challenging the decision, calling it government overreach.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Consumer Financial Protection Bureau has ordered federal supervision of Google
00:05Payment Corporation, citing legal requirements for oversight and consumer risk tied to Google
00:10Pay. This follows a recent CFPB rule enabling the supervision of digital payment apps.
00:16The CFPB alleges Google mishandled erroneous transactions and failed to adequately address
00:21fraud based on consumer complaints. Google has filed a lawsuit challenging the decision,
00:26calling it government overreach.
00:28For all things money, visit Benzinga.com slash GSTV.