From Yahoo Finance: 2025-05-08 14:36:00

The U.S. Consumer Financial Protection Bureau has stopped supervising Alphabet’s Google Payment Corp, reversing a decision made during the Biden administration. Google had challenged the federal supervision order in court, leading to the withdrawal of the CFPB’s efforts. Google has dropped its lawsuit as a result.

The CFPB had cited risks to consumers in Google Payment’s services, prompting the supervision order. However, acting director Russell Vought, appointed by Trump, deemed the oversight unnecessary. Under Biden, the CFPB has focused on scrutinizing Silicon Valley’s financial services. Google had argued the complaints were unsubstantiated and related to a discontinued product.

Google spokesperson José Castañeda welcomed the decision, stating it made no sense for the CFPB to supervise a product no longer in use. The company had retired the U.S. version of Google Pay’s “P2P” product in June 2024, well before the CFPB’s involvement. The CFPB did not comment on the situation.

Read more: Consumer watchdog halts Biden-era Google Payment supervision, Google spokesperson says