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12/07/2024
US regulator places Google Payment under supervision, company sues
Reuters
Dec 6 (Reuters) - The US watchdog for consumer finance on Friday announced it was ordering federal supervision of Google Payment Corp., the internet giant's (GOOGL.O), opens new tab payment arm, a decision the company immediately said it was challenging in court.
The Consumer Financial Protection Bureau announced the step saying it had determined services offered by Google Payment had posed a risk to consumers.
The regulator's step and the subsequent lawsuit marked a government tussle with a Silicon Valley behemoth in the final weeks of President Joe Biden's administration. The regulator's move could be reversed after President-elect Donald Trump returns to the White House in January.
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