The Consumer Financial Protection Bureau (CFPB) is taking steps to put Google under formal federal supervision, potentially subjecting the company to the same inspections as major banks. This move comes after months of discussions between the CFPB and Google, although the supervision order has not been finalized yet. The bureau, established in 2008, aims to protect consumers from unfair financial practices by granting regulators access to a company’s internal records to ensure compliance.
The exact reasons for the CFPB’s concerns with Google remain unclear, raising questions about the future of the bureau’s work under director Rohit Chopra. This development adds to Google’s regulatory challenges in the U.S., following a recent antitrust trial loss and facing another trial related to its advertising technology.
