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Google pushes back against federal supervision of its payment arm

The Consumer Financial Protection Bureau announced Friday that it was placing Google’s payment arm under federal supervision. In response, Google filed a

Such supervision would subject Google to the same inspections that the bureau conducts with major banks and other financial institutions for potential violations of the law. In this case, the bureau cited complaints that Google had not adequately investigated or explained “allegedly erroneous transactions,” and that the company failed to take reasonable steps to prevent fraud. Regardless of how Google’s lawsuit plays out in court, the CFPB’s decision might also be reversed after the Donald’s Trump’s presidential administration takes over in January.

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