The US Consumer Financial Protection Bureau (CFPB) has placed Google Payment Corp under federal supervision due to concerns over its error resolution and fraud prevention processes, posing risks to consumers. The agency found that complaints about Google Pay Balance and peer-to-peer payments were not thoroughly investigated and lacked adequate explanation of the results.
Google claims these complaints are “unsubstantiated” but the CFPB stands by its decision, stating it doesn’t mean Google is “guilty of wrongdoing.” The agency also notes that services have been discontinued in the US. The company has filed a lawsuit to block the order and will face routine inspections and monitoring.
Source: https://www.theverge.com/2024/12/7/24315557/google-payment-federal-supervision-cfpb-lawsuit