CFPB Moves to Crack Down on Google Payments

By Connor Hart

The Consumer Financial Protection Bureau published an order establishing supervisory authority over Google Payment Corp.

Alphabet-unit Google had already been subject to CFPB's enforcement jurisdiction, it said. However, the watchdog determined Friday the platform has met the legal requirements for supervision under its new rules.

The CFPB last month proposed new rules to directly supervise firms that handle more than 5 million payment transactions annually. The rules would encompass 17 firms, including Apple, Google and Paypal.

This move came after large tech companies rapidly became consumer-payments giants thanks to their payment platforms, such as Apple Pay and Google Pay.

The agency said the crackdown ensures large technology firms and other nonbank payment companies are subjected to the proper oversight.

Write to Connor Hart at [e-mail]

(END) Dow Jones Newswires

12-06-24 1725ET