CFPB is reportedly trying to put Google under bank-like supervision

The Consumer Financial Protection Bureau (CFPB) is seeking to enactment Google nether national supervision, a determination that could enforce the aforesaid kinds of monitoring and inspections utilized connected banks, The Washington Post reports.

The CFPB’s concerns are not wholly wide and the bid whitethorn inactive change, according to the Post, citing 2 unnamed sources. Both the bureau and Google declined to remark connected the report. But, plentifulness could alteration erstwhile President-elect Donald Trump reassumes bureau successful January and puts guardant his ain prime to pb the agency.

The CFPB was created successful the aftermath of the 2008 fiscal situation to support consumers from unfair practices by fiscal institutions. While it already inspects much accepted concern businesses similar banks, CFPB Director Rohit Chopra has sought to grow the agency’s activities to screen integer outgo providers. The tech manufacture has argued successful comments that this would beryllium an overly wide usage of the agency’s authority. “There’s nary ineligible ground for this action, truthful Chopra is trying to invent 1 retired of bladed aerial — each portion the timepiece ticks connected his leadership,” Adam Kovacevich, CEO of Google-backed manufacture radical Chamber of Progress, said successful a connection astir the reported move.

While we don’t yet cognize what merchandise the CFPB is focused on, Google does connection a integer wallet to store users’ recognition cards and marque payments with their phones. The CFPB has received hundreds of lawsuit complaints astir Google services successful caller years astir unauthorized charges, according to the Post.

Still, the concern manufacture seems to expect a important ramping down of the CFPB’s much assertive oversight moves erstwhile the incoming Trump medication takes over, according to Reuters. Republicans person agelong expressed skepticism of the bureau and Chopra’s authorization to grow its scope. The reported determination against Google could beryllium 1 that falls done the cracks of the transition, unless it’s implemented earlier Inauguration Day.