Google sues to stop the US from monitoring it like a bank

The Consumer Financial Protection Bureau (CFPB) announced connected Friday it had placed Google Payment Corp. nether national supervision, reports Reuters. Google reportedly revenge a suit to artifact the CFPB’s order, which could consequence successful regular inspections and monitoring for illustration those imposed connected banks.

The agency recovered that Google’s correction solution and fraud prevention processes airs risks to consumers, citing user complaints astir Google Pay Balance and Google’s peer-to-peer payments. Those complaints, which Google’s suit claims are “unsubstantiated,” according to The Washington Post, include that the institution didn’t look to afloat analyse fraudulent charges and didn’t “adequately explain” the results of those investigations.

The CFPB says its uncovering that Google should beryllium supervised doesn’t mean the institution is “guilty of wrongdoing.” It besides notes successful its bid that Google Pay and the P2P level were discontinued earlier this year.

Google spokesperson José Castañeda provided a connection to The Verge:

Update December 7th: Added connection from Google spokesperson José Castañeda.