Publish: 09:21, 07 Dec, 2024

Google sues CFPB over federal supervision of Google Pay

Online Desk
Google sues CFPB over federal supervision of Google Pay

Google filed a lawsuit on Friday against the U.S. Consumer Financial Protection Bureau (CFPB), challenging the agency’s decision to place its payment division under federal supervision. The company argues that the CFPB’s action is an example of "government overreach" concerning Google Pay's peer-to-peer payment service, which is no longer available in the United States, according to Reuters and CNN.

In a statement, Google spokesperson José Castañeda on Friday (Washington time) criticized the CFPB’s move, asserting that the service never posed any consumer risks. "This is a clear case of government overreach involving Google Pay peer-to-peer payments, which never raised risks and is no longer provided in the U.S.," Castañeda said. "We are challenging it in court."

The lawsuit, filed in U.S. District Court in Washington, D.C., claims the CFPB's supervision would impose “burdensome regulation” based on a “small number of unsubstantiated user complaints.” Google argues that the decision to regulate the defunct product is legally flawed, stating that a product that is no longer offered cannot pose any risks to consumers.

The dispute stems from the CFPB’s decision to place Google Payment Corp. under its supervisory authority, following customer complaints about issues such as improper investigations into erroneous money transfers. The CFPB’s oversight would enable the agency to conduct on-site examinations and request confidential documents from Google as part of its compliance with consumer financial laws.

The legal battle comes amid increased scrutiny of big tech companies like Google, Apple, and Samsung, which have expanded into financial services. In 2022, the CFPB began investigating nonbank financial institutions that could pose risks to consumers, with Director Rohit Chopra emphasizing the agency’s role in swiftly addressing potential consumer harm.

Despite Google’s legal challenge, the CFPB has insisted that its supervision of Google Pay’s operations remains necessary to ensure consumer protection. "This authority gives us critical agility to move as quickly as the market, allowing us to conduct examinations of financial companies posing risks to consumers and stop harm before it spreads," said Chopra in 2022.

The lawsuit adds another layer of tension between Silicon Valley giants and regulatory authorities as they navigate the rapidly expanding intersection of technology and finance.

Bd-pratidin English/ Jisan

More News
Toyota to launch EV, battery unit in China by 2027
Toyota to launch EV, battery unit in China by 2027
Elon Musk's claims of harm from OpenAI are a 'stretch'
Elon Musk's claims of harm from OpenAI are a 'stretch'
Nissan calls off Honda merger talks, Nikkei says
Nissan calls off Honda merger talks, Nikkei says
Ban on under-16s using social media is smart thing
Ban on under-16s using social media is smart thing
Australia bans Deepseek from government devices over security risks
Australia bans Deepseek from government devices over security risks
Blue Origin mimics the moon’s gravity for NASA experiments during spaceflight
Blue Origin mimics the moon’s gravity for NASA experiments during spaceflight
Google’s holiday ad surge fails to ease AI concerns
Google’s holiday ad surge fails to ease AI concerns
US company plans 100,000 humanoid robots in 4 years
US company plans 100,000 humanoid robots in 4 years
China's Chang'e-7 mission to send "Extremely Smart" flying robot to moon to look for water
China's Chang'e-7 mission to send "Extremely Smart" flying robot to moon to look for water
Hundreds of US government websites go offline amid controversial cuts
Hundreds of US government websites go offline amid controversial cuts
OpenAI forms partnership with Kakao to develop AI products in South Korea
OpenAI forms partnership with Kakao to develop AI products in South Korea
Goldman Sachs starts process of replacing bankers with AI
Goldman Sachs starts process of replacing bankers with AI
Latest News
Over 300 secret lockers found in BB
Over 300 secret lockers found in BB
8 minutes ago | National
Protesters storm Dhanmondi 32
Protesters storm Dhanmondi 32
1 hour ago | City
Zaima Rahman reaches Washington DC to join National Prayer Breakfast
Zaima Rahman reaches Washington DC to join National Prayer Breakfast
1 hour ago | National
Iran secretly developing nuclear missiles, can hit Europe: Report
Iran secretly developing nuclear missiles, can hit Europe: Report
1 hour ago | International
'Load shedding likely in summer, not Ramadan'
'Load shedding likely in summer, not Ramadan'
1 hour ago | National
25 arrested in anti-crime drive at city
25 arrested in anti-crime drive at city
2 hours ago | City
Trump’s ‘immoral’ Gaza plan includes ‘international crime’
Trump’s ‘immoral’ Gaza plan includes ‘international crime’
2 hours ago | International
Saudi Ambassador hopeful of resolving passport issues of 69,000 people
Saudi Ambassador hopeful of resolving passport issues of 69,000 people
2 hours ago | National
Valentine’s celebration of love and indulgence at Dhaka Regency
Valentine’s celebration of love and indulgence at Dhaka Regency
3 hours ago | Lifestyle
Saikat to showcase umpiring skills in Champions Trophy
Saikat to showcase umpiring skills in Champions Trophy
3 hours ago | Sports
CA urges all to accept reform reports
CA urges all to accept reform reports
3 hours ago | National
Firsttrip launches B2C with buy one, get one free offer
Firsttrip launches B2C with buy one, get one free offer
4 hours ago | Corporate Corner
No income tax on foreign doctors’ fees for treating July Uprising injured
No income tax on foreign doctors’ fees for treating July Uprising injured
4 hours ago | National
Govt to unveil 'July Proclamation' after all-party consensus on reforms
Govt to unveil 'July Proclamation' after all-party consensus on reforms
4 hours ago | National
Reform Commission proposes 4 provinces, 2 new divisions
Reform Commission proposes 4 provinces, 2 new divisions
4 hours ago | National
Central African Republic Armed Forces Chief calls on Chief of Army Staff
Central African Republic Armed Forces Chief calls on Chief of Army Staff
5 hours ago | National
New political party coming as existing ones fail
New political party coming as existing ones fail
5 hours ago | National
Reform commission proposes fewer ministries for better governance
Reform commission proposes fewer ministries for better governance
5 hours ago | National
Trump administration to withdraw most USAID workers
Trump administration to withdraw most USAID workers
5 hours ago | International
Ex-minister Anisul placed on 3-day remand
Ex-minister Anisul placed on 3-day remand
5 hours ago | National
World reaction to Trump’s ‘take over’ plan for Gaza
World reaction to Trump’s ‘take over’ plan for Gaza
6 hours ago | International
Interpol to issue red notice soon against ICT-wanted criminals: IGP Hopes
Interpol to issue red notice soon against ICT-wanted criminals: IGP Hopes
6 hours ago | National
Palestinian president to attend Victory Day parade in Moscow
Palestinian president to attend Victory Day parade in Moscow
6 hours ago | International
DoE urges city dwellers to wear face masks
DoE urges city dwellers to wear face masks
6 hours ago | City
Australia faces double injury blow before Champions Trophy
Australia faces double injury blow before Champions Trophy
6 hours ago | Sports
AL cannot join politics under its current name: Salahuddin
AL cannot join politics under its current name: Salahuddin
6 hours ago | National
Dr Zahid for taking steps to prevent foul plays in capital market
Dr Zahid for taking steps to prevent foul plays in capital market
7 hours ago | Business
Ship with 50,200 MT Argentine wheat arrives at Ctg port
Ship with 50,200 MT Argentine wheat arrives at Ctg port
7 hours ago | Business
2 reform commissions submit reports to CA
2 reform commissions submit reports to CA
7 hours ago | National
Rizwana calls for effective action against plastic pollution, clarifies government stance on single-use plastics
Rizwana calls for effective action against plastic pollution, clarifies government stance on single-use plastics
7 hours ago | National
Most Read
Awami League ruined country's interests to stay in power: Ishraque
Awami League ruined country's interests to stay in power: Ishraque
23 hours ago | National
Elon Musk's claims of harm from OpenAI are a 'stretch'
Elon Musk's claims of harm from OpenAI are a 'stretch'
8 hours ago | Tech
Dhaka to roll out counter-based pink buses Thursday
Dhaka to roll out counter-based pink buses Thursday
11 hours ago | City
Second phase of Bishwa Ijtema concluded with Akheri Munajat
Second phase of Bishwa Ijtema concluded with Akheri Munajat
10 hours ago | National
Nepal bans solo climbs on Everest, mountains above 8000m
Nepal bans solo climbs on Everest, mountains above 8000m
7 hours ago | Lifestyle
Electricity sector faces pressure due to arrears payments
Electricity sector faces pressure due to arrears payments
7 hours ago | Special
Vertical Mastercard credit card launched for ICMAB members
Vertical Mastercard credit card launched for ICMAB members
23 hours ago | Corporate Corner
2C climate target declared impossible: Study
2C climate target declared impossible: Study
13 hours ago | International
Another day of ferry suspension on Manikganj routes
Another day of ferry suspension on Manikganj routes
12 hours ago | National
Petrol pumps in Northern region shut down indefinitely in protest of eviction
Petrol pumps in Northern region shut down indefinitely in protest of eviction
8 hours ago | National
Bangladeshi women entrepreneurs to lead UK trade mission
Bangladeshi women entrepreneurs to lead UK trade mission
13 hours ago | Business
Dhaka tops worst air quality list globally
Dhaka tops worst air quality list globally
12 hours ago | City
Firsttrip launches B2C with buy one, get one free offer
Firsttrip launches B2C with buy one, get one free offer
4 hours ago | Corporate Corner
Smartphone vision syndrome: Preventing and treating eye discomfort
Smartphone vision syndrome: Preventing and treating eye discomfort
11 hours ago | Lifestyle
Young voters are the game changer
Young voters are the game changer
11 hours ago | Special
Reform Commission proposes 4 provinces, 2 new divisions
Reform Commission proposes 4 provinces, 2 new divisions
4 hours ago | National
Sabina Yasmin returns home
Sabina Yasmin returns home
12 hours ago | Entertainment
EC to use software for smart NID card distribution
EC to use software for smart NID card distribution
11 hours ago | National
Target billions of dollars
Target billions of dollars
11 hours ago | Business
Ex-BSEC Chairman Shibli Rubayat-Ul-Islam arrested
Ex-BSEC Chairman Shibli Rubayat-Ul-Islam arrested
13 hours ago | National
Abul Hayat, Dilara Zaman, Emon and Shokh in a TVC
Abul Hayat, Dilara Zaman, Emon and Shokh in a TVC
9 hours ago | Entertainment
Ex-minister Anisul placed on 3-day remand
Ex-minister Anisul placed on 3-day remand
5 hours ago | National
‘Gaza is not for sale’: Americans take to streets
‘Gaza is not for sale’: Americans take to streets
9 hours ago | International
No ties with Israel without creation of Palestinian state: Saudi
No ties with Israel without creation of Palestinian state: Saudi
12 hours ago | International
Barishal strengthens squad with James Neesham for BPL final
Barishal strengthens squad with James Neesham for BPL final
11 hours ago | Sports
Protesters storm Dhanmondi 32
Protesters storm Dhanmondi 32
1 hour ago | City
Bangladesh keen to enhance trade, economic relations with Algeria
Bangladesh keen to enhance trade, economic relations with Algeria
13 hours ago | National
Washington plane crash: All 67 bodies recovered from Potomac River
Washington plane crash: All 67 bodies recovered from Potomac River
12 hours ago | International
Leader of Ismaili Muslims Aga Khan dies aged 88
Leader of Ismaili Muslims Aga Khan dies aged 88
12 hours ago | International
US cancels funding to UNRWA
US cancels funding to UNRWA
12 hours ago | International