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Google is suing to block CFPB oversight over Google Pay, calling it 'government overreach'
The Consumer Financial Protection Bureau recently finalized regulations aimed to supervise digital payment conglomerates.
The US Consumer Financial Protection Bureau aims to supervise non-bank payment apps, mostly hosted by big tech companies, with a finalized rule set to take effect next month. The CFPB is targeting non-bank companies that host wallet apps and digital payment services because the body wants these corporations to follow the same rules, and supervisory examinations, as banks and credit unions. As Google's lawsuit begins, there are a number of questions whether the CFPB's plan to supervise non-bank digital payment services will continue when President-elect Donald Trump's administration takes over next year.
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