Google Payments under fire: US authority sees risk for consumers!

Google Payments under fire: US authority sees risk for consumers!

On December 7, 2024, it became known that the US supervisory authority for consumer finances, the Consumer Financial Protection Bureau (CFPB), the state supervision of Google Payment Corp. arranged. This decision follows a lawsuit by Google Payment Corp. Even that says that the supervisory authority is based on a small number of unfounded complaints about an already set product. "It is a question of common sense that a product that is no longer existing cannot be such a risk," said the company. Despite these objections, the CFPB had stated that the Google Payment services offered a risk for consumers, based on almost 300 symptoms, which fraudulently fraudulent, dizziness and non -authorized transactions.

government monitoring and lawsuit

These regulatory steps come at a critical time in the last phase of Joe Biden's presidency, since the CFPB is increasingly monitoring the financial services of tech companies Strenger. However, this strict could change if the elected President Donald Trump returned to the White House in January. In the meantime, the CFPB warned that Google Payment has not examined sufficient complaints about problematic transactions. Despite the lawsuit, the authority made it clear that the existing complaints about incorrect transfers and other possible violations are still allowed to justify the supervision, even if Google has already hired the services in question, so Star Advertiser .

The decided new regulations that the CFPB issued last month ensure that tech companies are subject to the same supervisory duties when providing digital wallets and payment services as traditional banks. This procedure is seen as part of a more comprehensive strategy to protect consumers from potential risks in the rapidly growing financial services industry. This shows that the government takes the role of large technology companies in the financial world seriously, even if they take legal action against the orders.