CFPB Moves to Supervise Google Financial Practices
CFPB Moves to Supervise Google Financial Practices
CFPB Moves to Supervise Google Financial Practices
News summary

The U.S. Consumer Financial Protection Bureau (CFPB) has initiated steps to place Google under formal federal supervision, a move that could align the tech giant with the rigorous oversight typically reserved for major banks. This action, which has been met with strong resistance from Google amid months of secretive discussions, would grant regulators access to the company's internal records. The CFPB, formed in response to the 2008 financial crisis, aims to protect consumers from deceptive practices and is considering the implications of its oversight on big tech companies. Google's current challenges include ongoing government actions that may require it to divest parts of its business and open its mobile app store to competition. The political future of the CFPB and the scope of its concerns regarding Google remain uncertain, particularly as the U.S. approaches the presidential election in 2024. This development adds to Google's regulatory challenges, following a recent antitrust trial loss and ongoing scrutiny of its advertising practices.

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