The federal watchdog noted that a call for supervision is not the same as finding Google guilty of wrongdoing. Google has already taken legal taken to block the watchdog’s decision, Reuters reports.
The US consumer finance protection watchdog has put Google’s payment arm under supervision, alleging the tech giant is putting consumers “at risk.”
The Consumer Financial Protection Bureau (CFPB) regulates firms in the world of financial services that aren’t banks, like financial technology firms or mortgage lenders.
The agency highlighted almost 300 cases of consumer complaints, related to issues like fraud and unauthorized transactions, in the document first spotted by Reuters. The watchdog alleged that many consumers felt that Google Payments had failed to “adequately investigate” many of the complaints in the filing.”
The agency said it had “reasonable cause” to determine that Google Payment “is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of one or more consumer financial products or services.
