CFPB is reportedly trying to put Google under bank-like supervision

The Consumer Financial Protection Bureau is considering placing Google under federal supervision, potentially subjecting the tech giant to bank-like monitoring and inspections. While the reasons for this move are unclear and subject to change, President-elect Donald Trump’s administration may impact the decision once in office. The CFPB, created post-2008 financial crisis, aims to protect consumers from financial institutions’ unfair practices and is now looking to expand its oversight to digital payment providers like Google, despite industry pushback.

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