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

It’s not yet clear what product the agency is targeting.

The Consumer Financial Protection Bureau (CFPB) is seeking to put Google under federal supervision, a move that could impose the same kinds of monitoring and inspections used on banks, The Washington Post reports. While it already inspects more traditional finance businesses like banks, CFPB Director Rohit Chopra has sought to expand the agency’s activities to cover digital payment providers. “There’s no legal basis for this action, so Chopra is trying to invent one out of thin air — all while the clock ticks on his leadership,” Adam Kovacevich, CEO of Google-backed industry group Chamber of Progress, said in a statement about the reported move.

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