{"id":22883,"date":"2024-12-09T06:05:07","date_gmt":"2024-12-09T06:05:07","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=803975"},"modified":"2024-12-09T06:05:07","modified_gmt":"2024-12-09T06:05:07","slug":"cfpb-claims-supervision-over-google-unit-which-promptly-sues","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/12\/09\/cfpb-claims-supervision-over-google-unit-which-promptly-sues\/","title":{"rendered":"CFPB Claims Supervision Over Google Unit, Which Promptly Sues"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/12\/Google-Pay-Bloomberg-580x388.jpg\"><\/p>\n<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/12\/Google-Pay-Bloomberg-scaled.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/national\/2024\/12\/09\/803975.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/national\/2024\/12\/09\/803975.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p class=\"bloomberg\">The Consumer Financial Protection Bureau said it\u2019s claiming supervisory authority over Google Payment Corp., as the agency extends its oversight of nonbank financial platforms. The unit of Alphabet Inc. promptly filed a lawsuit to fight the move.<\/p>\n<p>The CFPB\u2019s finding, announced in a statement Friday, is a step toward conducting exams, though it doesn\u2019t necessarily mean the agency will do so. Nor does it mean that the company engaged in wrongdoing.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"claims,lawsuits\" data-revive-companies=\"google\" data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>\u201cWhile Google Payment Corp. is already subject to CFPB\u2019s enforcement jurisdiction, the CFPB has determined that Google Payment Corp. has met the legal requirements for supervision,\u201d the CFPB said.<\/p>\n<p>Google already discontinued the US version of its Google Pay app, but some users may still have balances in existing accounts, the CFPB noted.<\/p>\n<p>The company, which contested the regulator\u2019s right to supervise those operations, sued the agency and Director Rohit Chopra at federal court in Washington on Friday, saying the decision \u201csuffers from numerous legal defects\u201d and that current or future risks to consumers \u201care not present, or even possible, here.\u201d<\/p>\n<p>\u201cThis is a clear case of government overreach involving Google Pay peer-to-peer payments, which never raised risks and is<a href=\"https:\/\/blog.google\/products\/google-pay\/payment-apps-update\/\" target=\"_blank\" rel=\"noopener noreferrer\"> no longer provided<\/a> in the US,\u201d said Jos\u00e9 Casta\u00f1eda, a company spokesperson. \u201cWe are challenging it in court.\u201d<\/p>\n<p>In 2022, a CFPB study found the agency was failing to use its authority to examine nonbank financial firms that pose potential risks to consumers. Supervisory exams are a confidential process that help companies identify potential violations, and most entities receiving notices of supervision decide to consent, the regulator said.<\/p>\n<p>Photo: <em>Photographer: Indranil Aditya\/Bloomberg<\/em><\/p>\n<div class=\"copyright-notice quiet\">Copyright 2024 Bloomberg.<\/div>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/lawsuits\/\" class=\"btn btn-sm btn-primary tagtag\">Lawsuits<\/a> <a href=\"https:\/\/www.insurancejournal.com\/claims\/\" class=\"btn btn-sm btn-primary tagtag\">Claims<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"803975\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! 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Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Claims<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments The Consumer Financial Protection Bureau said it\u2019s claiming supervisory authority over Google Payment Corp., as the agency extends its oversight of nonbank financial platforms. The unit of Alphabet Inc. promptly filed&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":22884,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1199,919,1200,2,1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/12\/cfpb-claims-supervision-over-google-unit-which-promptly-sues.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22883"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22883"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22883\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/22884"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}