of The (CFPB) announced Friday that it has ordered federal oversight of Google Payment Corp. because it has determined that it meets legal requirements for oversight. The CFPB oversees banks, credit unions and other financial institutions, and recently finalized rules governing digital payment apps. in Focusing on the Google Pay app and its peer-to-peer (P2P) payment service (which was discontinued in the U.S. earlier this year), the CFPB has “reasonable grounds to believe that Google engages in conduct that poses a risk to the company. “There is,” he said. consumer. ” Google filed a lawsuit challenging this decision shortly after the announcement. I will report it.
The risks identified by the CFPB are related to Google’s handling of incorrect transactions and fraud prevention. The order said that based on customer complaints, it appears that Google did not properly investigate erroneous transfers or adequately explain its findings regarding these issues. The complaint shows Google did not take sufficient steps to prevent fraud, the order said. However, the CFPB said the order “does not constitute a finding that the entity engaged in wrongdoing” nor does it “require the CFPB to conduct a supervisory review.” states.
in a statement to A Google spokesperson said: “This is a clear case of government overreach involving peer-to-peer payments on Google Pay, and it posed no risk. In the US, we are challenging it in court. ” The CFPB’s order acknowledges that Google Pay has been discontinued, but says this “does not constitute a basis for refraining from designating Google as a subject of supervision,” but does not state whether it decides to conduct an investigation. may affect.
